Washington Handled Covid Inflation Well
Trump-Biden Risked Inflation Result No
recession |
Spending Brought Unemployment Down
Inflation Was Transitional
|
2020 Covid Hit early in 2020 | Unemployment | Inflation Effect |
Trump failed to stop Democrats and Media from forcing economic shutdown. | ||
CARES Act (Coronavirus Aid, Relief, and Economic Security Act) March 27, 2020, $2.2 trillion spent | 14.8% | Very Little |
COVID-19 Relief Package (Consolidated Appropriations December 27, 2020, $900 billion spent | 6.7% | minimal |
2021
Biden adds to the spending American Rescue Plan Act (ARPA) - Enact 3/11, 2021, $1.9 spent |
6.1% | moderate + |
Fed predicts inflation transitional, but stayed high longer because | ||
Supply Chain bottlenecks as Covid slows globalization | Moderate | |
Feb4-20 22 Russia invades Ukraine | moderate | |
SF FED; estimated supply chain shocks averaged about 60% of the U.S. inflation mid 6/21-mid 6/23 |