Biden-Harris: The Legacy of Inflation
On their watch the value of the dollar has collapsed to record lows, and despite inflation cooling, prices are not coming down to where they were under President Trump.
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Today’s inflation numbers will underscore why Americans are so frustrated by the spiral of price increases under the Biden-Harris administration. Even as the pace of inflation slows, prices aren’t going back down. Prices are stuck at an elevated level — up some 20 percent since President Biden took office. These higher prices for groceries and other household expenses can’t so easily be waved off as “price gouging,” as Vice President Harris insists.
Call it the Biden-Harris legacy. There is a “widespread malaise” felt by Americans over inflated prices, the Wall Street Journal has reported. Today’s numbers from the Fed’s preferred inflation gauge, the personal consumption expenditures price index, show why. In July prices rose but 0.2 percent from June. Yet the index rose 2.5 percent over last year, some 25 percent higher than the Fed’s target. The index is running some 18 percent higher than it did in 2020.
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