How President Joe Biden plans to fight inflation

President Biden declared once again inflation is his top priority he said the same thing just a few weeks ago. but it doesn’t feel to most Americans like much has to change fuel and food prices have climbed. but this time the president is promising Americans relief is on the way.
In an op-ed for “the wall street journal,” the president wrote the federal reserve has a primary responsibility to control inflation.
I appointed highly qualified people from both parties to lead the institution. i agree with their assessment that fighting inflation is our top economic challenge right now.
today Mr. Biden met with Jerome Powell to discuss inflation.
chair Powell and other leaders of the fed noted at this moment they have a laser focus on addressing inflation just like im.
it’s not clear what steps the president plans to take to get prices back down CNBC senior white house correspondent Kayla tausche lives in our newsroom.
President Biden and his top officials said the strategy is to let the federal reserve raise interest rates as much as needed making it more expensive ever to get loans but when since they met inflation already high continuing to climb, as Jerome Powell waited for the confirmation for a second term at the fed, the latter of which only happened recently.
today’s meeting comes as Mr. Biden weighs a handful of policies with a mixed impact on prices like a slimmed-down version of his build-back better social and climate package funded by tax increases. a rollback of tariffs on Chinese goods and $10,000 student loan forgiveness for bot borrowers. some policies may double-edged sword. largely popular among voters but voters also say their top worry is high inflation.
while some economists say more government spending like that will make it worse, white house economic adviser brian Dienst argued it would help overall.
the more progress we can make in lowering costs and making things affordable for families right now, the more progress we can make in building the historic deficit reduction we have seen this year, then the better off we’ll be, the better position we will be to actually see that moderation happen more quickly.
South Carolina congressman Jim Clyburn whose endorsement rescued Mr. Biden’s flagging campaign in 2020 said the conflicts of pricing remain problematic for the approval rating saying I don’t know what’s required but I do know the poll numbers have been stuck where they are far too long.

Source link