Voters blamed Biden and Harris for rising costs. Was that fair? We asked economists. (Daniel de ViseĢ, 11/15/24, USA TODAY)
The pandemic shut down much of the global economy in 2020. When the world reopened, consumers found many products running short. Demand outstripped supply, the classic formula for inflation.“The COVID shutdowns were the biggest, sharpest economic collapse in modern history,” said Joshua Gotbaum, scholar in residence at the center-left Brookings Institution. “And it was followed by the biggest inflation in 40 years.”
In March 2021, President Biden signed a $1.9 trillion stimulus bill, directing payments of up to $1,400 to pandemic-stricken Americans. The Trump administration had already sent two rounds of stimulus checks, in March and December of 2020.
Some economists pilloried Biden at the time, saying the third round of stimulus relief was unnecessary, excessive and likely to overheat the economy. Many more economists say that now.
If two New Hampshire men aren't a match for the Devil, we might as well give the country back to the Indians. -Stephen Vincent Benet (1898-1943)