Bluntly put, President Biden isn’t telling the truth when he says that he inherited “stagnation”: he actually inherited an economy that was recovering briskly from a massive, exogenous shock.
It is important to point this out. April’s bad jobs numbers show us that we cannot take a continued recovery for granted. We need policy appropriate to the problems we face — not those of inadequate demand but of constrained supply. If President Biden is allowed to re-write history and paint a picture of a moribund economy revived by a tidal wave of federal spending, none of our economic problems will be solved, they will only be made worse.
The media would have been all over President Trump for a whopper like this. They should be similarly quick and ready to flag up President Biden’s falsehoods.