New Biden Inflation Plan Does Little to Reassure the Little Guy

New Biden Inflation Plan Does Little to Reassure the Little Guy
AP Photo/Mike Stewart

“Joseph R. Biden Jr.,” known to us as President Biden, penned an opinion piece for the Wall Street Journal Monday describing his new economic plan to tame skyrocketing prices. Entitled “Joe Biden: My Plan for Fighting Inflation,” the editorial starts: “I won’t meddle with the Fed, but I will tackle high prices while guiding the economy’s transition to stable and steady growth.” He lists three priorities: 1) don’t interfere with the Federal Reserve, 2) take “every practical step to make things more affordable for families,” and 3) keep reducing the federal deficit.

Biden then goes on to describe an economy that sounds like it’s from another era, or another country even, because it’s not the economy most Americans are feeling these days:

In January 2021, when I took office, the recovery had stalled and Covid was out of control. In less than a year and a half, my administration’s economic and vaccination plans helped achieve the most robust recovery in modern history. The job market is the strongest since the post-World War II era, with 3 million new jobs, the fastest decline in unemployment on record, and millions of Americans getting jobs with better pay.

This description is sharply at odds with the reality that inflation is hurting folks so badly that they’re having trouble paying for basic needs.

RedState’s Nick Arama reported Monday morning that the U.S. saw its largest annual increase in food prices in 41 years between April 2021 and 2022, with grocery store prices climbing 10.8 percent already this year. If that’s economic progress, I want no part of it.

Joe continues:

“I ran for president because I was tired of the so-called trickle-down economy… The most important thing we can do now to transition from rapid recovery to stable, steady growth is to bring inflation down. That is why I have made tackling inflation my top economic priority.”

Let’s look at the three main points in his plan in detail. Number one, “I won’t meddle with the Fed.” Saying what you’re not going to do doesn’t sound like a plan, but okay. It’s true that one of the quirks in our system is that presidents aren’t supposed to interfere with the Federal Reserve Board, so we’ll give him that one.

Number two:

“[T]ake every practical step to make things more affordable for families during this moment of economic uncertainty—and to boost the productive capacity of our economy over time.”

Sounds good. How will you do that?

For starters, he touts “the largest release from global oil reserves in history.” That dog didn’t hunt though, as gas prices once again reached record highs on the same day he issued this op-ed.

Biden also wants Congress to help by “passing clean energy tax credits and investments that I have proposed.”

Those struggling to find baby formula or fill their gas tanks will doubtless be confused as to how this will help ease their plight. And Joe, did you think the recent canceling of one of the most high-profile oil and gas leases in the country would really help?

Biden then goes on to issue a laundry list of goals: fix broken supply chains, improve infrastructure, crack down on high foreign ocean freight fees, make housing more affordable by building more than a million more units, reduce the price of prescription drugs, and lower the cost of child and elder care to help parents get back to work.

Whoa, that’s a lot of goals. Unfortunately, he doesn’t provide much in the way of specifics on how he intends to accomplish all of this. But he’s not done:

Number three:

“We need to keep reducing the federal deficit, which will help ease price pressures.”

He claims he is making progress on the deficit and will make further inroads by achieving “common-sense reforms to the tax code.” I think we all know what “common-sense reforms” means—it means you’ll pay more in April. And while it’s true that Biden did achieve a modest reduction in the deficit, critics point out that it’s mostly because some of the massive pandemic relief programs are expiring, and it has nothing to do with efforts by Biden.

Biden finishes with this declaration:

The economic policy choices we make today will determine whether a sustained recovery that benefits all Americans is possible. I will work with anyone—Democrat, Republican, or independent—willing to have an open and honest discussion that delivers real solutions for the American people.

His claim that he will work with anyone is hard to swallow, considering he’s one of the most polarizing presidents in our history. Biden’s definition of “work with anybody” means anybody who will bend the knee and do exactly what he wants.

His op-ed has a lot of numbers, and a ton of goals—but few proposals that will actually make the little guy cheer.

NOTE: Biden is to meet with Federal Reserve Chairman Jerome Powell Tuesday to discuss inflation.

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