Home FinanceEconomy Biden says inflation is his ‘top priority’

Biden says inflation is his ‘top priority’

by YAR

President Biden, on the defensive for months over rising inflation, tried to convince Americans Tuesday that he understood the pain they felt from rising prices and that his administration was taking steps to address higher costs. fuel, food and other goods.

Mr. Biden delivered his comments a day before another economic report was expected to show uncomfortably high prices. While the Consumer Price Index, due for release on Wednesday morning, could show inflation has cooled somewhat since March, most economists still expect the report to show inflation above 8 percent.

“I know that families across America are hurting because of inflation. I understand how you feel,” Biden said, adding that his administration was trying to reduce prices by easing supply chain congestion, cracking down on price gouging and releasing oil from the Strategic Petroleum Reserve.

Yet those efforts have done little to rein in inflation, which is running at its fastest pace in 40 years as a result of tangled supply chains that have led to shortages of goods, the war in Ukraine, which is driving up prices of energy and unbridled consumer demand. .

While the president’s ability to deal with inflation is limited (the main tools to combat rising prices are in the hands of the Federal Reserve), rising costs have become a talking point for Republicans. and a political liability for Biden, whose approval ratings have plummeted. .

Republicans have spent months blaming Biden for rising prices, seeing him as a winning issue ahead of the midterm elections.

“Biden might be living in an alternate reality, but voters aren’t, so they’re only blaming Biden and the Democrats for the rising prices they’re seeing on everyday products, gasoline and groceries,” said Ronna McDaniel, President of the Republican National Committee. . “The economy is on the ballot in November, and voters know that Biden and the Democrats are only making it worse.”

On Tuesday, Biden tried to turn the argument on its head, criticizing Republicans for complaining about rising prices while offering “extreme” policy ideas that he said would help the wealthiest Americans and big corporations rather than the poor. working families.

Seeking to turn the debate on the economy against his opponents six months before the midterm elections, Biden took aim at what he called “the ultra-MAGA agenda,” a phrase he has increasingly used in recent days to refer to the Former President Donald J. Trump’s slogan “Make America Great Again.”

“Look, the end result is this. Americans have a choice right now between two paths. Reflecting two different sets of values,” Biden said in a White House speech. “My plan attacks inflation and grows the economy by lowering costs for working families, giving workers well-earned raises, reducing the deficit to historic levels, and making big corporations and the wealthiest Americans pay their fair share.

“The other path is the ultra-MAGA plan put forth by congressional Republicans to raise taxes on working families, reduce the income of American workers, threaten the hallowed programs Americans count on like Social Security, Medicare and Medicaid, and give big corporations break after break. and billionaires.

Mr. Biden cited a program called the “11-Point Plan to Rescue America” put forward by Sen. Rick Scott of Florida, chairman of the Republican National Senate Committee. But other Republicans, including Sen. Mitch McConnell of Kentucky, the party’s minority leader, have repudiated elements of this plan, which Scott has put forward as a platform for the midterm elections.

Biden blamed the coronavirus pandemic and Russia’s war in Ukraine for inflation. He claimed credit for reducing the federal deficit and promoted raising taxes on corporations and the wealthy, saying they have not paid their fair share. He also blamed energy companies for speculating without increasing production, which he said they could do.

“I know that families across America are suffering because of inflation,” he said. “I understand what it feels like. I come from a family where, when the price of gas or food went up, we felt it.”

He added: “I want all Americans to know that I am taking inflation very seriously and that it is my top priority.”

Source link

Related Articles

Leave a Comment

The Float