Biden Outlines Plans To Curb Inflation
In a new op-ed in the Wall Street Journal, President Joe Biden outlined new policies to relieve the economic hardships of Americans caused by inflation.
The President expressed the concerns facing many in America, including the rising cost of living and gas prices. Biden remarks on his administration’s successes in curbing the pandemic and healing a damaged economy in the op-ed.
“In less than a year and a half, my administration’s economic and vaccination plans helped achieve the most robust recovery in modern history. The job market is the strongest since the post-World War II era, with 8.3 million new jobs, the fastest decline in unemployment on record, and millions of Americans getting jobs with better pay.”
The President noted the rise in business investments which rose by 20%.
For his first proposal, Biden insisted he has chosen the right people to curb inflation at the Federal Reserve. “I have appointed highly qualified people from both parties to lead that institution,” he wrote. “I agree with their assessment that fighting inflation is our top economic challenge right now.”
Affordability was Biden’s second topic. As the war in Ukraine rages on, Biden assured Americans of his efforts to stop the rising price of gas, which currently averages around five dollars in some states.
“The price at the pump is elevated in large part because Russian oil, gas and refining capacity are off the market…That is why I led the largest release from global oil reserves in history. Congress could help right away by passing clean energy tax credits and investments that I have proposed.”
Biden also noted his proposals to reshape supply chain networks and build a million new homes through his Housing Supply Action Plan.
His final message was to propose plans to reduce the federal budget, including “common-sense” tax reform and creating incentives for companies to keep jobs within the U.S.
Biden ended by noting that Republicans are likely to oppose his outlined policies.
“I welcome debate on my plan to tackle inflation and move the economy to stable and steady growth,” Biden said. “I will work with anyone—Democrat, Republican, or independent—willing to have an open and honest discussion that delivers real solutions for the American people.”
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