John Oliver discusses inflation on last week tonight
Last updated on July 18th, 2023 at 01:54 pm
Republicans are claiming that Biden is responsible for inflation, but John Oliver explained why this is not true.
Video:
Oliver said:
The notion that our economy would be fine without Biden’s stimulus completely ignores what it would have looked like without it. Because it not only protected low-income workers who were in real trouble, it also helped us avoid a COVID-induced financial crisis, and while with hindsight, most economists would say that we could have made it more targeted and precise so that we didn’t increase the money supply any more than we absolutely had to. It is very important to note that according to one estimate that without the American Rescue Plan the economy would have come close to suffering a double-digit recession in the Spring of 2021, so two things are likely true here.
The government stimulus did likely contribute to inflation, but it was also a necessary intervention, and the much bigger point is inflation clearly isn’t just about the stimulus at all. After all, it’s not just a problem here in the US. Britain and Germany have seen inflation rates hit four-decade highs, and in seven eastern European countries, it is expected to surge past double digits.
Republicans have taken a complicated economic problem and turned into blame Biden, vote for us, and everything will be better.
None of this is true.
Voting for Republicans isn’t going to make inflation go away.
The problem there being too much demand and not enough supply along with a war that is causing food and gasoline prices to go up on top of corporate greed is not going to be resolved by a Republican midterm election victory, no matter what Fox News claims.
Biden’s choice was to allow the country to slip into a catastrophic recession, or deal with inflation. The Biden administration made the correct choice as the Great Recession showed how long it can take an economy to bounce back from a severe economic downturn.
Claiming that Democrats created inflation as Kevin McCarthy recently did, is a flat-out lie, and anyone who votes for Republicans with the thought that they will cure inflation will be sorely disappointed.
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