… keep hearing the President posit that growth is not necessarily coincidental with higher inflation, but doesn't cause higher inflation. Well, Joe, I'll tell you what causes higher inflation. It's what The Biden administration... created a demand shock with his government led tax and spend. but they created the demand shock with spending. But then this regulatory burden that they created, they constrained supply. So when you've got demand, demand up, supply down. (17:35–17:44)
CLAIM
Asserts that the Biden administration's policies caused a demand shock.
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