During his term in office, Joe Biden presided over a 21% cumulative inflation rate. His policies contributed to this situation as they engaged in extensive spending after the COVID relief measures. MIT research shows that federal spending was the overwhelming driver of the 2022 inflation spike, responsible for 42% of inflation—significantly more than supply chain issues or other factors. The study, led by Mark Kritzman of MIT Sloan, used advanced statistical modeling to analyze economic data from 1960 to 2022, concluding that government stimulus during the pandemic, including Biden’s $1.9 trillion American Rescue Plan, significantly increased demand in a constrained economy, leading to higher prices. https://mitsloan.mit.edu/ideas-made-to-matter/federal-spending-was-responsible-2022-spike-inflation-research-shows
