Economist Peter Schiff pushed back against President Donald Trump’s latest claims on inflation, where he placed the blame squarely on former President Joe Biden and congressional Democrats.
GOP’s Spending Fueled Inflation
On Wednesday, in a post on X, Schiff said that Trump’s assertion that the record-high inflation was caused by policies pursued by Biden and Democrats in Congress was “false.”
According to Schiff, the 9.1% year-over-year inflation recorded in June 2022 stemmed from the fiscal and monetary policies that were enacted before Biden took office, and was the result of the “Fed-financed deficit spending passed by a Republican Congress and signed by Trump.”
Schiff, however, acknowledged that the subsequent Democratic policies under Biden contributed to the problem, saying, “Democrats just made it worse.”
Trump claims that “record-high inflation was caused by Joe Biden and the Democrats in Congress.” This is false. The 9.1% YoY inflation ending June 2022 was caused by Fed-financed deficit spending passed by …Full story available on Benzinga.com
