Biden's COVID-19 spending comes back to bite as inflation remains high: economists

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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. The latest consumer price index (CPI) reading showed annual inflation accelerated 3.5% in March. Biden blamed businesses and Republicans for seeking to "slash taxes for billionaires." Experts attribute the persistent inflation to Biden's massive spending packages, including the American Rescue Plan and the $1.9 trillion COVID-19 stimulus package. The gross U.S. national debt surpassed $34 trillion at the beginning of this year. Biden's actions, such as the push for a student loan bailout plan, Buy America rules, expanded regulatory regime, and new tariffs on foreign goods, have also contributed to higher consumer prices. High inflation has created financial pressures for U.S. families, forcing them to pay more for everyday necessities. The White House attributed inflation to supply chain and economic factors linked to the pandemic and the war in Ukraine. The White House also highlighted the strong economic recovery and low unemployment rate under President Biden.

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https://www.foxbusiness.com/politics/bidens-covid-19-spending-inflation-remains-high