FACT FOCUS: A look at Biden’s economic policies related to rising prices

North Carolina Governor Doug Burgum, speaking at the Republican National Convention on Wednesday, claimed that Biden’s economic policies were responsible for the rise in the cost of everyday necessities such as gasoline, food and clothing.

WASHINGTON — President Joe Biden’s economic policies have been criticized by several speakers at the Republican National Convention. But some of the criticism has been misplaced.

Below are the facts in a row.

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North Carolina Governor Doug Burgum on the economy: “Biden’s bureaucracy has raised the price of gas in your car, the cost of food on your table, the clothes on your back, even your rent.”

THE FACTS: The statement is misleading. Republicans and some economists have blamed Biden’s $1.9 trillion pandemic relief package for contributing to higher inflation. But there’s little sign that regulation was the culprit.

Gasoline prices rose after the pandemic due to lower production levels, but market data shows prices rose further after Russia invaded Ukraine in early 2022.

The war in Ukraine also contributed to higher food inflation. The consumer price index shows that clothing costs have gone up under Biden, but again, there is no evidence that bureaucracy is the problem.

As for the cost of housing, most economists and industry analysts say the problem is a lack of new construction and available homes to buy. There are regulations that impede new construction, but those are largely at the state and local level. ___

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