Is President Joe Biden to blame for the nation’s skyrocketing inflation?
With midterm races in full swing, Republican candidates are pointing a finger at the $1.9 trillion American Rescue Plan, which Biden spearheaded and Congress passed in March 2021 with no Republican votes. It was billed as the final steroid shot needed to propel the economy out of its COVID-19-induced doldrums.
Economists, meanwhile, are debating how much of the price surge can be traced to the law – and whether its benefits outweigh the costs – as the Federal Reserve gears up for a flurry of interest rate hikes to fight inflation. Next week, the Fed is expected to raise its key rate by half a percentage point, the most in two decades, sparking fears of a downturn.
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