The economy is mostly healthy now because the pre-COVID economy was healthy.
As in previous downturns, there was no savings and loan scandal, no housing bubble and no financial crisis. A strong economy closed down, then opened back up. Politicians shouldn’t take credit for that.
The Fed’s monetary overkill doesn’t let Biden or Congress off the hook. One could argue some new spending was necessary for relief payments and vaccines. But most of the trillions of dollars spent under the CARES Act, the Infrastructure Investment and Jobs Act, and the CHIPS Act had little to do with the pandemic. All this spending made the Fed’s job harder, as it more or less has to help finance the political branches’ deficit spending.
Biden recently said of the Inflation Reduction Act , “I wish I hadn’t called it that because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth.” The IRA’s green energy subsidies, tax increases and prescription drug price controls are unlikely to grow the economy. But Biden is correct that the IRA has little to do with inflation.
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