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

WASHINGTON (AP) — President Joe Biden’s economic policies have been slammed by several speakers at the Republican National Convention. But some of the criticism was off base.

Here’s a look at the facts.

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North Dakota Gov. Doug Burgum on the economy: “Biden’s red tape has raised the price of the gas in your car, the cost of food on your table, the clothes on your back and it has even raised your rent.”

THE FACTS: The statement is misleading. Republicans and some economists have blamed the Democratic president’s $1.9 trillion coronavirus pandemic aid for contributing to higher inflation. But there are few signs that regulation was the culprit.

Gasoline prices climbed coming out of the pandemic due to lower production levels, but the market data shows it further climbed after Russia invaded Ukraine in early 2022.

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

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

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This story was first published on July 17, 2024. It was published again on July 18, 2024, to correct Burgum is from North Dakota, not North Carolina, and he spoke at the Republican National Convention, not the Republican National Conference. ___

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