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Inflation Got You Down; President Biden Talks It Up

WILMINGTON, DE - DECEMBER 28: President-elect Joe Biden delivers remarks at the Queen Theater on December 28, 2020 in Wilmington, Delaware. Biden will be inaugurated as the 46th president in a scaled-down ceremony in Washington D.C. due to the coronavirus (COVID-19) pandemic on January 20, 2021. (Photo by Mark Makela/Getty Images) used locally May 10th 2022
WILMINGTON, DE - DECEMBER 28: President-elect Joe Biden delivers remarks at the Queen Theater on December 28, 2020 in Wilmington, Delaware. Biden will be inaugurated as the 46th president in a scaled-down ceremony in Washington D.C. due to the coronavirus (COVID-19) pandemic on January 20, 2021. (Photo by Mark Makela/Getty Images) used locally May 10th 2022

U-S President Joe Biden is blaming Republicans, Russia, and Covid-19  for the out-of-control prices on fuel, food,  and common everyday household products.

In a public appearance at the White House on Tuesday May 10th 22, Biden says he knows people are frustrated with soaring inflation and he doesn’t blame them.

Biden called inflation his top domestic priority.

He is citing factors contributing to global inflation, including lingering effects of the COVID pandemic, ongoing supply chain problems and Russia’s invasion of Ukraine.  The Covid-19 virus itself did not cause runaway prices.  But government lockdowns and forced business closures, and millions of layoffs nationwide have played a major role.  Covid-19 relief checks, The American Rescue Plan bailout, exorbitant government spending, also contribute to inflation.

While Biden touted his effort to create a “clean energy economy”  in the U-S and do away with fossil fuels…that transition will take many years, and in the interim, fuel prices have skyrocketed.

Biden said his administration is fighting to get prescription drug prices down, notably insulin.

Democrats have all the power in Congress and in the White House right now.  Republicans are in the minority, but that did not stop President Biden from accusing Republicans of planning  to raise taxes on middle income families and harm Social Security and Medicare.

Currently there is no legislation up for a vote on Capitol Hill to do that.

President Biden also repeated a call for the nation’s wealthiest individuals and corporations to “pay their fair share” of taxes. But he offered no specifics as to what a “fair share” is, or who gets to determine what a “fair share” actually is.

Another cause of inflation? Ongoing interest rates hikes by the Federal Reserve.  Those increase how much it costs to borrow money, and squelch demand, which in time will increase supply, which in theory will lower prices.   But that action does not happen quickly.

 

WILMINGTON, DE – DECEMBER 28: President-elect Joe Biden delivers remarks at the Queen Theater on December 28, 2020 in Wilmington, Delaware. Biden will be inaugurated as the 46th president in a scaled-down ceremony in Washington D.C. due to the coronavirus (COVID-19) pandemic on January 20, 2021. (Photo by Mark Makela/Getty Images) used locally May 10th 2022



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