We're not going to convince MAGA Trumpers. However, this argument is convincing for any open-minded, fair voter.
First, let's point out the very good job growing economy that Former President Obama bequeathed to Donald Trump who INHERITED it.
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Measured from the month following his inauguration in January 2009, the U.S. added 11.6 million private sector jobs from February 2009 to January 2017. Measured from the crisis trough in February 2010, the U.S. added a total of 16.1 million private sector jobs over the remaining 83 months of the Obama presidency — the longest continuous period of private sector job creation on record.[53] By comparison, no net jobs were added during the 2000–2009 period including the crisis impact, while 18 to 22 million jobs were added each decade from 1970 to 1999.[54]
Non-farm job creation averaged approximately 200,000/month for 73 months from October 2010 to October 2016, a robust rate by historical standards. For example, job creation per month averaged 236,000 (Clinton), 209,000 (Carter), 167,000 (Reagan), 50,000 (G. H. W. Bush), and 13,000 (G. W. Bush).[54][55]
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The unemployment rate rose from 4.2% at the end of Former President Bill Clinton's second term to 7.8% at the end of Former President George W Bush's second term and continued to rise to the peak of 10.6% in January of 2010 as part of George W Bush's Great Recession caused by financial deregulation which accelerated under President Bush and fell to 4.7% by the end of Former President Obama's second term.
Donald Trump's Tax Cuts and Jobs Act cost $2 Trillion , it didn't help the economy , the vast majority of the benefits of the tax cuts went to the wealthy , the permanent benefits went to the wealthy and what little there was for the middle class was temporary . As shown above, this $2 Trillion legislation took place while the economy was already doing well and growing. Donald Trump added one fourth of the national debt in his term in office, totaling more than $8 Trillion . The benefits of The American Rescue Plan went mostly to the poor and the middle class and helped turn around the economy after Donald Trump's term in which 4 million fewer people were employed at the end of Trump's term than at the beginning .
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That's the context. Now, here's the argument. The peak of the inflation rate here was in June of 2022, less than a year and a half into President Biden's term. From them on, the rate of inflation consistently fell. Clearly the bulk of the Biden Harris administration's term occurred after the rate of inflation was already falling, only 17 of the 48 months of the term had passed before the rate of inflation was falling, but all of Donald Trump's $8 Trillion term had happened. If their theory that spending caused inflation is correct, the vast majority of the spending while inflation was increasing and not decreasing was under Donald Trump. Their theory doesn't square with the fact that the rate of inflation in the United States was better than most other similarly situated nations in the G7 when we compare apples to apples and take different demand for different products in different countries into account since demand drives inflation. We can only conclude that the pandemic caused inflation and if we have to blame a president, that president would have to be Donald Trump. Moreover, inflation was adjusted downward to 1.7% in August, well within the normal range. If you were determined against the evidence to blame President Biden for inflation, then you would surely have to credit him for bringing it back to normal.
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Rate
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US inflation rate by month and year
| Month year |
rate of inflation |
change from previous month |
| January 2021 |
1.4% |
|
| February 2021 |
1.7% |
+.3% |
| March 2021 |
2.6% |
+.9% |
| april 2021 |
4.2% |
+1.6% |
| may 2021 |
5.0% |
+.8% |
| june 2021 |
5.4% |
+.4% |
| july 2021 |
5.4% |
0 |
| august 2021 |
5.3% |
-.1% |
| September 2021 |
5.4% |
+.1% |
| october 2021 |
6.2% |
+.8% |
| november 2021 |
6.8% |
+.6% |
| decemBER 2021 |
7.0% |
+.2% |
| january 2022 |
7.5% |
+.5% |
| february 2022 |
7.9% |
+.4% |
| march 2022 |
8.5% |
+.6% |
| april 2022 |
8.6% |
+.1% |
| may 2022 |
8.6% |
0 |
| june 2022 |
9.1% |
+.5% |
| july 2022 |
8.5% |
-.6% |
| augUST 2022 |
8.3% |
-.2% |
| sePTEMBER 2022 |
8.2% |
-.1% |
| october 2022 |
7.7% |
-.5% |
| novEMBER 2022 |
7.1% |
-.6% |
| deCEMBER 2022 |
6.5% |
-.6% |
| january 2023 |
6.4% |
-.1% |
| february 2023 |
6.0% |
-.4% |
| march 2023 |
5.1% |
-.9% |
| april 2023 |
4.9% |
-.2% |
| may 2023 |
4.0% |
-.9% |
| june 2023 |
3.0% |
-1.0% |
| july 2023 |
3.2% |
+.2% |
| augusT 2023 |
3.7% |
+.5% |
| septemBER 2023 |
3.7% |
0 |
| october 2023 |
3.2% |
-.5% |
| novEMBER 2023 |
3.1% |
-.1% |
| decEMBER 2023 |
3.4% |
+.3% |
| january 2024 |
3.1% |
-.3% |
| february 2024 |
3.2% |
+.1% |
| march 2024 |
3.5% |
+.3% |
| april 2024 |
3.4% |
-.1% |
| may 2024 |
3.3% |
-.1% |
| june 2024 |
3.0% |
-.3% |
| july 2024 |
2.9% |
-.1% |
| august 2024 |
2.5% |
-.4% |
| september 2024 |
? |
? |
|
|
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The rate of inflation in the US in August of 2024 was revised downward to 1.7%.
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There is nothing left of their inflation argument. It's been destroyed. This argument won't work if somebody is a conspiracy theorist or goes by vibes. However, for any fair-minded person who sincerely wants an answer to the right's inflation argument, this does it.
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US inflation is lower here than in many other nations
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Using the respective harmonized core inflation measures, US inflation is notably lower than that of the Euro area. Current differences between headline US and European inflation are thus more about calculation methods than inflation realities.Apr 12, 2024
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And
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Effectively comparing inflation across countries requires shared definitions. The CEA’s harmonized measure produces a fair calculation and ultimately shows that while there were common pandemic experiences across advanced G7 countries, there was a great deal of variation in experiences, too. The CEA’s series also reveals that both headline and core U.S. inflation is growing more slowly compared to other G7 countries.
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