CNN’s Fareed Zakaria weighs in on how the Donald Trump and Joe Biden administrations hiked up inflation. #CNN #News…(read more)

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Inflation has been a hot topic in recent months, with both President Donald Trump and President-elect Joe Biden taking the blame for hiking up prices across the country. Fareed, a leading expert in economics, has been closely monitoring the situation and has identified several key factors that have contributed to the increase in inflation.

One of the main reasons for inflation is the impact of the Trump administration’s trade war with China. By imposing tariffs on Chinese imports, Trump aimed to protect American jobs and boost the economy. However, these tariffs have led to higher prices for goods and services, as companies pass on the increased costs to consumers. This has resulted in higher inflation rates, making it more expensive for Americans to purchase everyday items.

Additionally, Trump’s tax cuts for corporations and the wealthy have also played a role in driving up inflation. While these tax cuts were intended to stimulate economic growth, they have disproportionately benefited the wealthiest Americans and corporations, leading to an increase in income inequality. This has further exacerbated inflation by putting more money into the hands of those who are more likely to spend it on luxury items, driving up prices for everyone else.

On the other hand, Biden’s proposed policies, such as increasing the minimum wage and expanding healthcare coverage, have been criticized for potentially exacerbating inflation. While these measures are aimed at improving the lives of Americans, they could also lead to higher prices for goods and services. For example, raising the minimum wage could prompt employers to increase prices to cover the additional labor costs, while expanding healthcare coverage could put strain on the healthcare system and lead to higher healthcare costs.

Fareed has noted that both Trump and Biden bear some responsibility for the increase in inflation, as their respective policies have had unintended consequences that have contributed to the rising prices. To combat inflation, Fareed recommends a more balanced approach that takes into account the needs of all Americans, rather than focusing solely on the interests of the wealthy and corporations.

Overall, the issue of inflation is complex and multifaceted, with multiple factors at play. Fareed continues to monitor the situation closely and provide insights into how policymakers can address the growing inflation rates in a way that benefits all Americans.