Biden Announces New Plan To Fight Inflation
Experts say that although inflation remains at a high, there is hope that the peak has been reached and it will start to decrease again.
The Producer Price Index which indicates the level of inflation prior to goods and services reaching consumers rose 11% over the past 12 months. When the year ended in March, the PPI had been at 11.5%.
While it is still high, experts say the slight decrease is a good sign that it won’t get worse. Other economists warn that these levels will stay for months to come.
President Joe Biden released his plan to lower inflation in the coming months, reiterating his support of raising taxes on large corporations and wealthy Americans.
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To address the sky-high gas prices, Biden plans to release one million barrels of oil daily for the next six months from the Petroleum Reserve. In addition, the administration will urge Congress to order companies to pay fees on idle wells and non-producing government-owned lands forcing them to decide between producing or paying a fee.
To address the costs of everyday necessities, the Biden administration has a laundry list of plans including calling on Congress to pass the Bipartisan Innovation Act which will allow new investments on goods that have been the driving force of inflation. The President also wants to implement the Bipartisan Infrastructure Law that should quicken the process of moving products to market.
Read the rest of Biden’s plan below.
.@POTUS is focused on our nation’s long-term development and has:
? Advanced the strongest ever fuel economy standards for cars and trucks to go farther per gallon
? Made historic investments in EV charging infrastructure https://t.co/AhVplslwzg
— Secretary Jennifer Granholm (@SecGranholm) May 13, 2022
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