Biden Hears ‘Stagflation’ Cry, Answers With ‘Technical Factors’
- Republicans sieze on data showing shrinking GDP, price surge
- Yellen speaks on policy lessons with no mention of inflation
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The latest U.S. economic data offered fresh fuel for a political debate over President Joe Biden’s response to inflation -- a fight he’s steadily losing to Republicans who’ve blasted him over the biggest surge in Americans’ cost of living in four decades.
Biden on Thursday blamed the first contraction in U.S. gross domestic product since the Covid-19 crisis erupted in 2020 on “technical factors,” in a statement that hailed “strong” increases in consumer spending and business and residential investment.