Biden’s spending plan may add to inflation

Surging inflation has soured consumer sentiment and helped drag down Biden’s approval ratings in opinion polls.

NEW YORK: The roughly US$2 trillion (RM8.34 trillion) tax and spending bill being championed by President Joe Biden will act to push up inflation next year if passed by Congress.

That’s according to three senior economists – Mark Zandi at Moody’s Analytics, Douglas Holtz-Eakin of the American Action Forum and Harvard University professor Doug Elmendorf – who appeared on a virtual panel sponsored by the National Association for Business Economics on Wednesday.