Inflation Causes
U.S. Senator Elizabeth Warren (D–MA) claims that “corporate profits drove over half of the inflation in America” “for most of 2023” and that she’s “fighting back against this greed.”
IN FACT, the average S&P 500 profit margin was lower in 2023 than during Trump’s entire presidency. Warren is blaming other people for inflation that was mainly caused by trillions of dollars in new social spending that she voted for, such as:
• the 2020 CARES Act, which cost $1.8 trillion.
• the 2021 American Rescue Plan, which cost $1.9 trillion.
•dozens of other bills that have increased deficits to fund social programs.
