President Biden and senior White House officials are scrambling to explain stubbornly-high inflation levels, which economic experts blame on the administration's own spending agenda . Following the latest consumer price index reading Wednesday, Biden said his top economic priority is fighting inflation but blamed businesses that are recording high profits and Republicans seeking to "slash taxes for billionaires.
inflation rates had outpaced other developed countries, largely due to "fiscal support measures designed to counteract the severity of the pandemic’s economic effect." The analysis showed that federal stimulus effforts, including the American Rescue Plan, boosted inflation by about 3%.
Biden White House Officials Inflation Spending Agenda Consumer Price Index CPI Profits Taxes Housing Groceries Household Items Milk Eggs Treasury Secretary CNBC
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