‘Politics Explained’: Are Biden or Trump to Blame for Inflation? And How Will Harris or Trump Change the Economy?

Inflation has been a serious concern for voters in the upcoming election, with many pointing fingers at President Joe Biden and Vice President Kamala Harris. But is it fair to blame them entirely for the rising cost of products? The answer, like the causes of inflation itself, is complex.

While inflation is currently at its lowest point since March 2021, many families are still battling higher prices. News and social media show that some voters are blaming the Biden-Harris administration for the rising costs. In this episode of “Politics Explained,” we take a have a look at theories about inflation that consider that inflation simply didn’t start with one president.

During former President Donald Trump’s administration, Trump often boasted about low unemployment and economic growth, much of which he inherited from Obama AdministrationHowever, Trump’s decision to engage in trade wars, particularly with China, has led to the imposition of tariffs which have disrupted supply chains and in some cases led to higher prices for consumers.

Then got here the COVID-19 pandemic in 2020, which severely disrupted global supply chains and led to skyrocketing prices. As travel restrictions and labor shortages intensified, inflation soared, deepening the economic crisis.

In response to the pandemic, the U.S. government has taken significant steps to stabilize the economy. Trump signed the bipartisan CARES Act in 2020, providing relief funds to tens of millions of Americans. But some economists theorize that the surge in money flowing into the economy, combined with tight supplies, fueled demand and helped drive up prices. When Biden took office in 2021, the economy was still reeling from the effects of the pandemic. His administration signed one other stimulus package despite concerns about inflation.

Global aspects like the war in Ukraine and company price gouging also played a big role in inflation. Companies that posted record profits during the pandemic often kept prices high whilst supply-chain disruptions subsided. Still, many Americans looked to President Biden to fix the problem — but additionally they blamed him.

Historically, U.S. presidents have been blamed for inflation and economic crises, even when their control over them was limited. In the Seventies, President Jimmy Carter faced heavy criticism for high inflation (and his “talking about feeling unwell,” contributing to his loss to Republican candidate Ronald Reagan. Similarly, George H. W. Bush lost reelection to Bill Clinton due to the recession of the Nineties.

So what did Joe and Kamala do about inflation?

The Biden-Harris administration has taken steps to combat inflation. In 2022, President Biden has allowed the release of oil reserves to lower gas prices, passed an inflation-reduction bill and backed the Federal Reserve’s decision to raise rates of interest to slow spending. But the query stays whether these measures will ease voters’ concerns.

As the 2024 election approaches, Harris and Trump have outlined their economic plans. Trump is promising more tariffs, which economists say could further increase inflation. Harris, in turn, is promising support middle and low income families thanks to tax breaks and solving the problem of corporate price gouging.

Ultimately, voters may judge candidates not only by who does more to fix the economy, but in addition by who tells the most compelling story about their efforts to achieve this. The debate over the president’s responsibility for inflation is as much about perception because it is about policy.

With elections approaching, society will soon determine whose narrative it trusts more.

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