A pandemic-era supply bottleneck is the main culprit, economists said.
Speakers at the Republican National Convention this week have faulted the Biden administration for putting the nation at risk from threats that include criminals, illicit drugs -- and high prices.
Pandemic-era spending measures enacted by former President Donald Trump and Biden also contributed to the price spike, the economists added, but they differed on the share of responsibility that should be apportioned to each of the major party candidates. To supercharge the recovery, Trump and Biden enacted economic stimulus meant to support people who'd lost their jobs or faced other financial hardship. That stimulus helped bring about a speedy economic recovery from the March 2020 downturn, triggering a surge in demand and a blitz of hiring.
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