On Tuesday, Joe Biden sought to reassure the American people that he understood what they were working on and that the Federal Reserve was working to address the biggest problems in his administration. When he tried to do so, he again attacked the Republicans as the cause of the problem.
“The Ultra-MAGA plan raises taxes on working families by congressional Republicans, lowers the income of American workers, threatens the sacred programs that Americans count on, such as Social Security, Medicare and Medicaid, and breaks down big corporations and billionaires.” Just like the last time they were in power. “
Consumer prices have risen more than 8% this year due to the President’s release of oil from strategic petroleum reserves and pressure on companies, which has led to lower prices for consumers.
In a speech from the Oval Office, Vice President Joe Biden commented, “I know that families across the United States are being affected by inflation. Every American should know that I take inflation very seriously and that this is my highest internal concern.” .
The Covid-19 outbreak, supply chain problems and Russia’s war in Ukraine, according to Biden, are responsible for the rise in inflation, but the Fed should and should play a role in controlling it. The US Federal Reserve raised interest rates by half a point last week and is widely expected to do so again this year.
A day before new consumer pricing data indicated that inflation would remain high until April, the president did not propose any new policy measures in his speech. Biden and other top officials have repeatedly predicted that inflation will be short-lived in 2021, but it has continued.
The supply chain and manpower shortages caused by the epidemic did not match the increased demand created by government spending and savings.
As a result, the blockade of Russian oil and gas during the invasion of Ukraine caused Americans to face higher groceries and gas prices, which Russia referred to as “a special operation.”
According to a recent Reuters / Ipsos poll, only 44% of Americans are satisfied with Biden’s performance as president and see the economy as the country’s most pressing problem.
GOP candidates in the November election are calling for measures to relax regulations on oil and gas companies and reduce taxes and government spending in an effort to capitalize on the problem. However, the party has not yet backed a policy statement on how it wants to tackle inflation.
In recent days, Biden has stepped up his attacks on Republicans, including labeling former President Trump’s “Make America Great Again” movement as radical.
When it comes to the economy, “voters know Republican-led states lead the way in economic recovery and job creation,” said Emma Vaughan, a spokeswoman for the Republican National Committee.
Biden criticized Florida Republican Senator Rick Scott for his “Rescue America” plan, which includes a federal minimum income tax that the White House claims would cost middle-class families অতিরিক্ত 1,500 a year in additional taxes.
Scott’s position as chairman of the National Republican Senate Committee (NRSC) makes it unclear whether the proposal has anything to do with the Cox’s campaign. Senate Minority Leader Mitch McConnell has rejected Scott’s call for Americans who do not pay income tax and end Social Security and Medicare.
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