How much can President Biden really do to fight inflation? Every president — whether Democrat or Republican — lacks powerful weapons for battling high prices, economists say.
President Joe Biden says fighting high inflation is his “top domestic priority,” and his administration has touted the moves it’s making to help Americans with rising costs.
“A president has an extremely limited range of steps that can be taken to address this sort of inflationary shock driven by geopolitical events,” Joe Brusuelas, chief economist at consulting firm RSM US, told MarketWatch in an interview, referring to Russia’s invasion of Ukraine, which has lifted prices for energy CL00, +0.63% NG00, +1.57% and food.
‘Essentially Band-Aids’ The Economic Outlook Group expert is downbeat on the likely effects of Biden’s moves with E15 gasoline, free broadband internet and Obamacare’s “family glitch.” White House economist responds When asked by MarketWatch about Biden’s limited ability to tackle inflation, a top White House economist said the question goes to the fact that it’s the Federal Reserve’s job to ensure price stability and full employment.
Analysts have been predicting defeats for Biden’s Democratic Party in November’s midterm elections if high prices persist. What’s next Republicans have frequently criticized Biden over high inflation and charge that the $1.9 trillion stimulus package that he signed into law last year has contributed to high prices, with Senate Minority Leader Mitch McConnell saying in a recent floor speech that it’s “directly responsible for as much as 3 percentage points of our current inflation.”
Baumohl also stressed that the private sector is addressing inflation regardless of what Washington is trying.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Biden says 'we have to act' after Texas school shootingFIREARM RESTRICTIONS: President JoeBiden delivered an emotional call for new restrictions on firearms after a gunman opened fire at a Texas elementary school on Tuesday. MORE:
Les mer »
‘We Have to Act': Biden Calls for Tougher Gun Laws After Texas School ShootingAn anguished and angry President Joe Biden called for new restrictions on firearms Tuesday night after a gunman massacred 18 children at a Texas elementary school. “We have to act,” Biden told the nation, after years of failure to pass new laws. “When in God’s name are we going to stand up to the gun lobby?” Biden said at the White House…
Les mer »
Texas school shooting prompts President Biden to demand action on gunsPresident Joe Biden delivered an emotional call for new restrictions on firearms after a gunman opened fire at a Texas elementary school on Tuesday.
Les mer »
Texas School Shooting Live Updates: Here's what Biden said about shootingPresident Joe Biden speaks out after the fatal school shooting at a Texas elementary that claimed 20 lives. Biden asked 'When in God's name are we going to stand up to the gun lobby?' The latest updates:
Les mer »
Biden to Sign Police Order on Floyd Anniversary: AP SourcesThe decision reflects Biden’s struggle to use the limited powers of his office to advance his campaign promises, as well as his attempt to strike a balance between police and civil rights groups at a time when rising concerns about crime are eclipsing calls for reform.
Les mer »
Biden visit showcases hardened stances on North KoreaThe Biden administration appears to be returning to the Obama-era “strategic patience” of not engaging in North Korea.
Les mer »