PANews, September 30, according to CNBC, White House National Economic Council Director Hassett said that the U.S. economy is still digesting the impact of stimulus spending related to the new crown epidemic in the early days of former President Biden’s administration, calling this one of the problems currently facing the United States.
Hassett said in an interview on Tuesday that the scale of the epidemic stimulus measures during Trump's first term was "just right" and aimed at filling economic gaps, while the Biden administration has subsequently continued to expand spending and direct funds to other areas. He said the United States is still reeling from the impact of these additional spending.
Hassett said that at the end of Trump's last term, the U.S. inflation rate was about 1.5%, and then inflation increased significantly due to the continuation of epidemic spending and other factors. The Biden administration signed the US$1.9 trillion American Rescue Plan (ARP) in March 2021. Some economists believe that the plan has exacerbated US inflation, but the extent of its impact is still controversial. Data show that the U.S. inflation rate was close to 9% in the summer of 2022, and has gradually fallen since then.