Why does inflation continue to plague American households? Part of the problem stems from monetary policies the Federal Reserve put into place as a stimulus response to Covid-19 and kept in place for far too long. But a new analysis puts much of the blame — $4,800,000,000,000 worth, to be exact — at the feet of President Biden.
The estimate by the Committee for a Responsible Federal Budget (CRFB) in some ways understates the scope of the fiscal irresponsibility by this administration — in far too many cases with at least some Republican support. But it speaks to the extent of the reforms that future administrations, and frankly future generations, will have to enact to clean up the fiscal mess that Biden and current lawmakers