As a Biden voter, I definitely expected inflation. Trump’s economic policies in the first term were incredibly inflationary, even before covid. NPR was routin

As a Biden voter, I definitely expected inflation. Trump’s economic policies in the first term were incredibly inflationary, even before covid. NPR was routinely sounding the alarm back in 2017-18. Inflation typically runs on a ~3-5 year delay vs executive policies. The crazy thing with the tariffs is that they’re killing investment in domestic production in the US. Check out this graph of private money going to building factories: https://fred.stlouisfed.org/series/C307RC1Q027SBEA https://fred.stlouisfed.org/series/C307RC1Q027SBEA Any manufacturing job gains over the next few years will clearly be due to Biden’s efforts. (Note that factory construction spending is somehow down slightly for 2025: the deceleration of the investment trend is unprecedented.)