Analysis

Excessive Government Spending is Dragging Down the American Economy, Analysts Say

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A year ago, Joe Biden was riding the polls with a 59 percent approval rating having just signed what he called the “American Rescue Plan” (ARP), a stimulus package that the administration promised would “provide direct relief to the Americans, contain COVID-19 and, rescue the economy.

A year later, having approved the $1.9 trillion ARP spending plan and another $1 trillion of spending on infrastructure, the American economy has contracted, raising the specter of high inflation and low growth known as “stagflation,” as Biden struggles with popularity.

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