Christie blames Trump and Biden, absolves Fed of responsibility for inflation

Americans are finally experiencing some relief from persistently high prices as inflation has gradually subsided over the past year. However, according to Republican presidential candidate Chris Christie, President Joe Biden cannot be credited for this improvement. Christie stated in an interview with CNBC’s “Last Call” that the decline in inflation is primarily due to the policy of the Federal Reserve. He further added that the Biden administration has not reduced its spending and continues to print excessive amounts of money. Christie believes that the Federal Reserve may have delayed adjusting interest rates, leading to a sudden and significant increase when they eventually did. Ultimately, Christie holds both Biden and former President Donald Trump responsible for the excessive spending that has contributed to inflation.

Inflation reduction has been a key focus of the Biden administration during its first term in office. The passing of the Inflation Reduction Act in 2022 has been attributed to the decrease in the inflation rate, for which Biden claims credit. However, recent polls reveal that a majority of registered voters disapprove of Biden’s handling of the economy, particularly regarding inflation. This presents a significant challenge for Biden’s reelection campaign in 2024. In contrast, Christie, in his pitch on CNBC, promises to address U.S. inflation issues by curbing federal spending. He suggests that once the executive branch demonstrates fiscal restraint and stops accumulating trillions of dollars in deficit spending annually, the Federal Reserve will respond by lowering interest rates. Christie emphasizes his willingness to reject increased federal spending and refrains from indicating whether he would reappoint Fed Chair Jerome Powell, stating that it depends on Powell’s performance moving forward.