evidence: The Biden administration called the analysis "flawed." Citing federal labor data, a White House spokesman noted that per capita disposable income has risen 16% since December 2020, just prior to President Joe Biden's inauguration. "14 million more Americans have jobs today than when President Biden took office and household disposable income is up by almost $21,000 since December 2020," the spokesman said in a statement to CBS MoneyWatch. "And what Congressional Republicans pushing this one-sided study won't admit is that their proposals would raise costs on the middle class and cut Social Security and Medicare so they can give rich special interests more tax giveaways." To be sure, economists point to a number of pandemic-related issues as the cause of high inflation, rather than decisions from any one political party. For instance, spending bills were signed by both Presidents Donald Trump and Joe Biden that put stimulus money into the hands of millions of Americans, while global supply-chain snarls and labor shortages drove up the cost of goods and services.