According to his article op-ed for The Wall Street Journal, U.S. President Joe Biden explained a new three-part plan intended to combat the 40-year-high inflation levels that the country has suffered.
“I ran for president because I was tired of the so-called trickle-down economy,” Biden wrote. “We now have a chance to build on a historic recovery with an economy that works for working families. The most important thing we can do now to transition from rapid recovery to stable, steady growth is to bring inflation down.”
He commented on the three-part plan’s intentions to lower costs for U.S. citizens. The President promised not to interfere with the Federal Reserve, unlike former U.S. President Donald Trump, who “demeaned the Fed.” According to Biden, “the Federal Reserve has a primary responsibility to control inflation.” The U.S. president also called to take practical measures “to make things more affordable for families during this moment of economic uncertainty” and to “boost the productive capacity of [the U.S.] economy over time.”
He called on lawmakers to “help right away by passing clean energy tax credits and investments.” Biden highlighted that U.S. congressmen and women should make up his Housing Supply Action Plan to make homes more affordable. The president proposed to reduce costs for child and elder care and prices of prescription drugs. He highlighted the need to restore broken supply chains, enhance the country’s infrastructure, and a crackdown on “exorbitant fees that foreign ocean freight companies charge to move products.”
From @TheHill: Biden lays out plan to fight inflation: President Biden laid out a three-part plan on Tuesday for combating high inflation, which has been a major strain on his job approval rating. “We now… https://t.co/jOlHizBDVV https://t.co/RJlKlwZ23K #Congress #Tax #Finance pic.twitter.com/sL59i2NAu2
— Rick Telberg (@CPA_Trendlines) May 31, 2022
As a third step, the U.S. President said that the country should continue to reduce the federal deficit, which would help ease the prices. “My plan would reduce the deficit even more by making common-sense reforms to the tax code,” promises Biden.
The increase in funding for the Internal Revenue Service (IRS); the increase of tax laws for keeping companies from leaving the U.S.; and put an end to “the outrageous unfairness in the tax code that allows a billionaire to pay lower rates than a teacher or firefighter,” are among the measures that the plan includes.
Biden’s message came as his approval rating reached a new low earlier this month, fluctuating between 41% and 34%.
