The Story of Inflation and Unemployment from 2019 Through May of 2026

Inflation was 4.2% in May, up from 2.4% a year ago.

During his debate with Vice President Kamala Harris, Donald Trump frequently blamed the Biden-Harris administration for record inflation, calling it "probably the worst in our nation's history". He claimed the cost of basic groceries and energy had skyrocketed, causing a "disaster for people", and pointed to the Inflation Reduction Act as a cause of economic catastrophe.

Here are year end numbers for inflation and unemployment through COVID in 2020, the stimulus program and supply chain issues that dramatically reduced unemployment and raised inflation in 2021 and 2022, and then the slow return to normal interrupted this year by Trump's war with Iran and the resultant oil price shocks that have again raised inflation (the blue portion of the bar below).

Related, real income has dropped in the last year. This from BLS,

"From May 2025 to May 2026, real average hourly earnings decreased 0.7 percent, seasonally adjusted. 
The change in real average hourly earnings combined with a 0.3-percent increase in the average 
workweek resulted in a 0.4-percent decrease in real average weekly earnings over this period."