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Biden Unveils Plan to Curb Inflation
President Joe Biden’s five-point plan: Reducing the Deficit, Tax Reform, Clean Energy, Lowering Prescription Drug Costs, and Covid Relief Fraud Recovery.
“Americans don’t get how inflation works,” grumbled MSNBC opinion columnist Hayes Brown today. “That’s a problem for Biden.”
“8 in 10 Americans think the federal government needs to do more to fight inflation,” Hayes went on before launching into a very complicated explanation of why the White House has very little control over the sticker shock that is taking the country by storm. “I’m not sure they really want that.”
Americans might not understand the inner workings of the Federal Reserve, but they understand not being able to afford groceries or pay their bills. Taxpayers may not know exactly what they want, other than someone- anyone- to “fix this”- but they do know when they want it: Now.
Since the American people aren’t likely to master graduate-level Economics 701 before now and Election Day 2022, fair or not, much of the blame for higher prices has landed at the feet of President Joe Biden. The President has been facing constant pressure from the press recently on a variety of subjects from inflation to abortion and beyond.
Plenty of media personalities and journalists have long memories. They are neither unfamiliar with warnings about out-of-control government spending leading to historic inflation nor shy about broaching the subject.
“The Biden stimulus is admirably ambitious,” cautioned former Obama advisor Larry Summers for the Washington Post in February of 2021- an opinion piece making the rounds again in May of 2022. “But it brings some big risks, too.”
“As a massive program moves towards enactment and implementation, policymakers need to ensure that they have plans in place to address two possible, and quite serious, problems,” Summers advised.
“While there are enormous uncertainties, there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability,” Summers predicted presciently. “This will be manageable if the monetary…