Joe Biden told the American people in a brand-new Wall Street Journal op-ed that he has a three-part plan to lower the country’s record inflation. The very first prong of Biden’s lack of a strategy is to enable the Federal Reserve to run unobstructed by executive input. “My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. I won’t do this,” Biden wrote in an op-ed released on May 30th.
The second order of business, Biden wrote, is making “things more affordable for families during this moment of economic uncertainty.”
He argues that to do so, Congress ought to pass a clean energy tax credit and financial investment strategy. He likewise stated his administration led “the largest release from global oil reserves in history,” though it is uncertain if that effort had any significant effect on the rates Americans are presently seeing at the gas pump.
“We can also reduce the cost of everyday goods by fixing broken supply chains, improving infrastructure, and cracking down on the exorbitant fees that foreign ocean freight companies charge to move products,” Biden writes.
To address these concerns, Biden proposes setting into movement his Housing Supply Action Plan, providing Medicare “the power to negotiate with pharmaceutical companies” and reducing the expense of kid and senior care.
Without talking about the details of how those strategies would be set into action, or what the plan would entail, Biden writes, “I’ve done what I can on my own to help working families during this challenging time – and will keep acting to lower costs where I can – but now Congress needs to act too.”
Annualized Inflation in the U.S. in April struck a 40-year high, at 8.3%.
Biden recommends continuing to lower the federal deficit– probably something of a contradiction to his previous point. “Last week the nonpartisan Congressional Budget Office projected that the deficit will fall by $1.7 trillion this year – the largest reduction in history,” he writes.
His strategy includes what he calls “more by making common-sense reforms to the tax code,” that including enabling the Internal Revenue Service “to collect taxes that Americans already owe.” It likewise consists of ending the “outrageous unfairness in the tax code that allows a billionaire to pay lower rates than a teacher or firefighter.”
Recent polls reveal that the majority of Americans without a doubt have a cynical view of the U.S. economy, and 8 in 10 states the federal government is refraining from doing enough to fight inflation. Biden is making a 66% displeasure rate from Americans over his handling of the economy, which is even lower than his basic displeasure score of 59%, according to a CNN poll.
In his op-ed, Biden cautions that must his financial policies work and go-to strategy, “We will likely see fewer record job-creation numbers.”
“But this won’t be cause for concern,” he continues. “Rather, if average monthly job creation shifts in the next year from current levels of 500,000 to something closer to 150,000, it will be a sign that we are successfully moving into the next phase of recovery – as this kind of job growth is consistent with a low unemployment rate and a healthy economy.”
H/T Just The News
