How Deficit ‘Stimulus’ Supercharged Inflation

President Joe Biden speaks during a “Help is Here” tour event to tout the $1.9 trillion American Rescue Plan Act in Columbus, Ohio, March 23, 2021. (Leah Millis/Reuters)
Biden’s 'American Rescue Plan' came at just the wrong time.

NRPLUS MEMBER ARTICLE T he Chinese year of the tiger commences in February 2022, but for those following U.S. inflation, a ferocious year began in 2021. Consumers, forecasters, policymakers, and politicians hoping to keep their jobs have been gobsmacked by this year’s inflation burst. As recently as February 2021, with CPI inflation at 1.4 percent, the Philadelphia Federal Reserve Survey of Professional Forecasters 2021 CPI projection was 2.2 percent, with none of the 38 forecasts exceeding 3.21 percent. In the event, CPI inflation for twelve months through November has been 6.8 percent, representing the largest 12 month jump since the Arab oil embargo in

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