[citation needed]
https://fredblog.stlouisfed.org/2021/05/savings-are-now-more...
However, the graph certainly does show another inflection point after the start of the Biden administration, that has nothing to do with the previous change.
The Fed certainly expected at least some inflation from that much spending, although they seem to have missed the size of the increase.
>President Joe Biden's $1.9 trillion American Rescue Plan is contributing to elevated inflation but it isn't expected to overheat the economy, a new research paper from the San Francisco Federal Reserve concludes.
https://www.cnn.com/2021/10/19/economy/inflation-biden-stimu...
After blaming Trump for a global pandemic, we probably don't get to use that excuse to shield Biden from blame when bad things happen under his watch.
For good or ill, "the buck stops here" is a longstanding American tradition.