Biden says inflation is ‘hurting’ US families, blames pandemic
WASHINGTON — President Joe Biden blamed high inflation on pandemic disruptions to the economy and Russia’s invasion of Ukraine, acknowledging that rising prices are “hurting” American families ahead of the November midterms.
In remarks at the White House on Tuesday, Biden again criticized Republican tax and economic proposals, saying his plans to fight inflation will lower costs while the GOP seeks to raise taxes on many Americans and “let companies off the hook.”
Biden said that his economic policies had helped slash unemployment and raise wages and that his administration was considering dropping Trump-era tariffs to combat rising prices.
“We’re discussing that right now,” he said in response to a reporter’s question after his speech. “We’re looking at what would have the most positive impact.”
But he acknowledged the harm rising prices are inflicting on many U.S. families.
“For every worker I met who’s gained a little bit of
breathing room to seek out a better-paying job, for every entrepreneur who has gained the confidence to pursue their small business dreams, I know that families all across America are hurting because of inflation,” he said.
Solutions, he said, begin with the Federal Reserve, and he noted that he’s made several nominations for the central bank’s board of governors.
“While I’ll never interfere with the Fed’s judgments, decisions or tell them what they have to do — they’re independent, they’re independent — I believe that inflation is our top economic challenge right now,” Biden said. “I think they do too.”
With inflation at a fourdecade high ahead of midterm elections in November that will decide control of Congress, Biden’s top aides have concluded that their best electoral strategy is to try to draw a sharp contrast with Republican policies.
They have targeted a proposal by a senior Republican senator, Rick Scott of Florida, that includes requiring all Americans to pay some federal income tax and requiring Congress to reauthorize all federal legislation every five years, which Democrats say would put entitlements like Social Security and Medicare at risk of repeal.