US President Joe Biden, under pressure to curb high inflation, Tuesday tried to reassure Americans that he understands what they are struggling with and that the Federal Reserve is working to address a major problem that pulls behind his administration.
З inflation surge pushing the annual consumer prices are more than 8% higher, the president said highlighted its release of oil from strategic oil reserves and pressure on companies to return to consumers record high profits in the form of lower prices.
“I know that families across America are suffering from inflation,” Biden said in a White House speech. “I want every American to know that I take inflation very seriously, and that’s my top domestic priority.”
Biden said the COVID-19 pandemic combined with supply chain problems and Russia’s war with Ukraine are to blame for the jump in inflation, but the Fed must and will do its job to control it. Last week, the US Federal Reserve raised interest rates by half a percentage point and is expected to introduce further increases this year.
The president did not voice new policy measures in the speech that Fr.happened the day before, new consumer price data is expected to show that inflation remained high until April.
REPUBLICAN TAX PLAN
Biden also sharpened his attacks on Republicans six months before Nov. 8aggressive elections where Democrats ahope again save incontrol over Senate and House of Representatives.
“The national plan is to raise taxes on middle-class families,” he said.
Biden and senior officials have repeatedly said that as prices rise in 2021, they expect inflation to be temporary, but it has persisted.
Demand stimulated by government spending and savings accumulated during the pandemic did not match the squeaky supply chains and labor shortages that caused rising inflation in the world.
This has created a political problem as American consumers look to higher food and gas bills, which are exacerbated by measures to block Russian oil and gas after invasion Ukraine, Fr.n action that Pall calls a “special operation”.
According to a Reuters / Ipsos poll last week, less than half of U.S. adults – 44% – approve of Biden’s presidency and see the economy as the country’s most important issue.
Republicans are working to take advantage of this issue in the villagepresidential electionby advancing steps, including easing regulations for oil and gas producers, and reducing some taxes and government spending. But the party has not approved any political document outlining the steps they will take against inflation.
In recent days, Biden has intensified his attack on Republicans, including dismissing former President Donald Trump’s “Make America Great Again” movement as extreme.
“Voters know that Republican-led states are leading the way in economic recovery and job creation, and will vote for Republicans, and our proven agenda will be in November,” said Emma Vaughn, a spokeswoman for the Republican National Committee.
Biden has targeted the Save America proposal from Republican Rick Scott, a U.S. senator from Florida that includes a federal minimum income tax that the White House says will cost middle-class families $ 1,500 a year.
Scott said the plan is purely his own, despite the fact that he holds the position of chairman of the National Republican Senate Committee, the election department of the Republican Assembly in the Senate. Senate Republican minority leader Mitch McConnell has rejected Scott’s calls to tax Americans who do not pay income tax and before sunset Social Security Rights and Medicare.