Biden’s Plan For Working On Inflation? Massive Spending Bills

Old Uncle Joe has trotted out using the argument that the best way to help Americans across the nation cope with rising living expenses is to utilize multitrillion-dollar social spending bills.

Since back at the first of the year, inflation in the country has launched from 1.4% to a lofty 5.4%, which has led to many families struggling to pay for the basics such as gasoline, food, and other human essentials. Despite the increasing wages, the spiking of price levels has been happening even faster which has led to households having even less purchasing power than they had before.

While making statements concerning the economy this past Friday, Biden actually acknowledged that people all across the nation are actually dealing with the consequences of the pressures of inflation.

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This recovery is faster, stronger, and fairer, and wider than almost anyone could have predicted. That’s what the numbers say. But we want to make sure that people continue to feel it in their lives, in their bank accounts, in their hopes and expectations for a tomorrow that’s better than today. That’s what this is all about: making sure our recovery is fully felt.

Biden then issued what he thinks are multiple solutions for the problems such as: fighting COVID-19 levels by starting the vaccination of children and forcing his controversial vaccine mandates for bigger companies, and the signing of his controversial multitrillion-dollar “Build Back Better” agenda.

I want to say very clearly: If your number one issue is the cost of living, the number one priority should be seeing Congress pass these bills. Seventeen Nobel Prize winners in economics have said — spontaneously wrote to me, together, and said this will lower inflationary pressure on the economy when we pass my bills. A new analysis from the Wall Street firm of Moody’s Analytics found that it will ease the financial burden of inflation for middle-class families.

Put another way: These will — these bills will provide families with, as my dad used to say, “just a little more breathing room.” That’s because the Build Back Better framework lowers your bills for healthcare, childcare, prescription drugs, and preschool. And families get a tax cut. That’s how you end some of the anxiety people are feeling about the economy. That’s how we give people some breathing room.

Overnight on Friday however, a group of over thirteen House Republicans assisted Democrats in the passing of a $1.2 trillion infrastructure bill. Other lawmakers are currently looking at a $1.75 trillion bill that seeks to expand education programs along with federal healthcare.

“How can I in good conscience vote for a bill that proposes massive expansion to social programs when vital programs like Social Security and Medicare faces insolvency and benefits could start being reduced as soon as 2026 in Medicare and 2033 in Social Security? How does that make sense?” argued Sen. Joe Manchin (D-WV). “And I don’t think it does. Meanwhile, elected leaders continue to ignore exploding inflation, that our national debt continues to grow and interest payments on the debt will start to rapidly increase when the Fed has to start raising interest rates to try to slow down this runaway inflation.”

Directly after the letter from Manchin, people at the Federal Reserve started to roll back its monthly asset purchases, despite the fact that legislators left the near-zero interest rate target of the central bank intact.

“In light of the substantial further progress the economy has made toward the Committee’s goals since last December, the Committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities,” stated the Federal Open Market Committee in a statement.

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