That is not necessarily true. Presidential administrations can affect the economy through fiscal spending. The Biden administration started their administration with $1.9 trillion in stimulus, on the heels of about $3 trillion in stimulus spending. Their $1.9 stimulus was poorly targeted and risked exacerbating inflation, a few federal reserve banks and many economics said this at the time. Gosh, imagine if the administration got their $4-6 trillion dollar build back better program passed. Obviously there are a lot of factors at play and a lot of this is up for debate.

My local community spent $10 million dollars of federal covid stimulus money on a park/tourist attraction that is less than 1 acre in size. That is just one example of the frivolous items governments all over the country have spent this money on. There isn't a lot of auditing or reporting going on about this. This is all inflationary.