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President Biden, who is running a media campaign to voice inflation concerns, said he was disappointed with his team’s handling of the issue, which could wipe out his party in November.
But as his administration continues to cling to the idea that rising prices are temporary, he has few tools to use outside of empathy.
After he introduced the little-visible Treasury Secretary Janet Yelin – who told CNN: “I think I was wrong then about the path that inflation will take” – it was time to turn the page.
But to what?
A photo in the Oval Office with Yellen and Fed Chairman Jerome Powell will not change the opinion of many people. In addition, the president’s message was mixed. “My plan to tackle inflation starts with a simple proposal – respect the Fed, respect the Fed’s independence.”
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Well, Biden has no choice, as the Federal Reserve is an independent agency, even if it tried to contrast with Donald Trump’s public irritation of the Fed. In addition, the Fed’s job is to manage the money supply without letting inflation get out of hand, and in that sense it was a failure. Putin’s opinion on guilt also seems to have been rejected.
US President Joe Biden (C) met with Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen at the Oval Office of the White House on May 31, 2022 in Washington, DC. The three met to discuss the Biden administration’s plan to fight record high inflation. (Photo by Kevin Dietsch / Getty Images)
Biden also wrote a publication in the Wall Street Journal about inflation, which barely made waves because it contained nothing new. He also made senior officials go around the cable news to talk about the economy.
The “surge of activity,” says the Washington Post, “comes after Biden privately complains to senior White House officials about tackling the administration’s inflation, expressing disappointment over the past few months that aides have not done enough to deal directly. with the problem. “
But between Ukraine, the coronavirus and gas prices rising during the summer driving season, “there may be a little Biden who can do about it.”
Politico sees a “vicious game of accusations” between the White House and corporate leaders, especially with the stock market downturn.
“Some senior executives, especially in the banking sector, are now complaining that while Biden pays in words to take care of their views on how to fix things, he doesn’t really listen to them or ask for their input.
An unnamed chief executive of the bank was quoted as saying: “Now they will be slaughtered in the interim. And they deserve to be slaughtered because they have actually achieved nothing but perhaps an increase in inflation.”
US Treasury Secretary Janet Yellen said on Thursday that she was wrong about the path of inflation after months of downplaying the problem. (Alex Wong / Getty Images)
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There is always tension between the presidents of Wall Street and the Democrats, especially when the latter is fighting against excessive profits and raising corporate taxes.
The corrosive thing about inflation is that it hurts almost everyone. When you pay more for beef and chicken or spend $ 70 or $ 80 to fill your car, you feel like that money is out of your pocket. Biden, with his working-class roots, knows this all too well.
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Now the president can prove that he has created a record number of jobs, that the economy is noisy for those with solid employment, but no one wants to hear that. If the administration had poured less money into the economy after the pandemic, inflation would have been lower, but more people would have lost their jobs. It was the choice, but it left us with a whip of 8 percent inflation.
President Joe Biden’s plan to forgive $ 10,000 in student loans to a borrower has been thwarted by the Washington Post’s editorial board. (AP Photo / Evan Vucci)
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No wonder Biden is disappointed. His claim that rising prices were “transitional” turned out to be far from the goal, and he is likely to pay a high political price for it.
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