Former US President Donald Trump attacked President Joe Biden in a question about the economy for black Americans during the CNN debate on Thursday (27). “He caused inflation,” Trump said.
The Republican also said that “there was no inflation” during his administration.
The causes of the inflationary crisis in the US are numerous. The pandemic led to massive supply chain disruptions that caused prices to rise.
Russia’s war with Ukraine has increased these costs and sent energy prices soaring. The Federal Reserve failed to understand the severity of the inflation crisis, keeping rates low for a long period of time.
Additionally, stimulus checks distributed during the Trump administration and Biden administration helped drive inflation.
Inflation in the US peaked in June 2022, with consumer prices rising 9.1% from the previous year. Now it’s down to 3.3%, still high but much healthier. The number is significantly higher than the 1.4% inflation rate when Biden took office.
Inflation in the United States had not been a problem for decades before Biden took office and was routinely below the Fed’s 2% inflation target during the Trump administration.
But inflation was initially driven down to virtually zero – artificially – during the pandemic lockdown.
The reopening of the economy contributed to the recovery in inflation.
Unemployment among black Americans
Black Americans continue to struggle economically more than other racial groups in many respects. But President Joe Biden said Black voters should recognize that the unemployment rate among the group is “the lowest it’s been in a long, long time.”
Under the Biden presidency, the Black unemployment rate reached an all-time low of 4.8% in April 2023. The previous record low was set under the Trump presidency, at 5.3%.
However, the black unemployment rate has begun to rise. Last month, it was 6.1 percent, while the nation’s overall unemployment rate was 4 percent.
Historical debate
The CNN debate between Joe Biden and Donald Trump is the first of the 2024 presidential race, reviving the confrontation between the Democrat and the Republican for the White House.
In a historic event, this is the first time a sitting president and a former president have debated in the United States.
The debate takes place at CNN studios in Atlanta, Georgia.
Source: CNN Brasil
Bruce Belcher is a seasoned author with over 5 years of experience in world news. He writes for online news websites and provides in-depth analysis on the world stock market. Bruce is known for his insightful perspectives and commitment to keeping the public informed.
