In the fire of inflation, Biden agrees with the Fed and attacks the Republicans.

U.S. President Joe Biden, under pressure to control high inflation, tried to reassure Americans Tuesday that he understands what they are jumping on and that the Federal Reserve is working to address the top issue of weight on his administration.

With inflation rising and annual consumer prices rising by more than 8%, the president has highlighted the pressure on companies to release its oil from strategic petroleum reserves and return record-high profits to consumers in the form of lower prices.

“I know that families across the United States are suffering because of inflation,” Biden said in a statement from the White House. “I want to let every American know that I take inflation very seriously and that this is my highest domestic priority.”

Biden said the supply chain problem and the COVID-19 epidemic, coupled with Russia’s war against Ukraine, were responsible for the rise in inflation, but the Fed should and should do its part to control it. The US Federal Reserve raised interest rates by half a percentage point last week and is expected to rise further this year.

The president did not announce the new policy measures in his speech, which came a day before the release of new consumer price data, which is expected to keep inflation high until April.

Republican tax plan

Biden also sharpened his attacks on Republicans six months before the November 8 congressional election, where Democrats are hoping to retain control of the Senate and House of Representatives.

“Republican plans increase taxes on middle-class families,” he said.

Biden and top officials have repeatedly said that the price increase in 2021 is what they had hoped inflation would be temporary, but it has continued.

The demand driven by government spending and savings accumulated during the epidemic was no match for the cracker supply chain and labor shortages, which led to higher global inflation.

This has created a political problem because American consumers have raised higher grocery and gas bills by blocking Russian oil and gas after the invasion of Ukraine, a move that Russia calls a “special operation.”

Less than half of U.S. adults – 44% – approve of Biden’s presidency, and they rate the economy as the most important problem in the country, according to a Reuters / Ipsos poll last week.

Republicans are working to capitalize on the issue in congressional elections, promoting measures to relax regulations on oil and gas producers, as well as some taxes and cut government spending. But the party has not approved any policy document outlining the steps it will take to tackle inflation.

Biden has sharpened his attacks on Republicans in recent days, including the extreme rejection of former President Donald Trump’s “Make America Great Again” movement. Read the full story

“Voters know that Republican-led states are leading the way in economic recovery and job creation, and Republicans will vote, and our proven agenda will come in November,” said Emma Vaughan, a spokeswoman for the Republican National Committee.

Biden was referring to a ‘Rescue America’ proposal by Republican Sen. Rick Scott from Florida, which included a federal minimum income tax that the White House said would cost middle-class families বছরে 1,500 a year.

Despite his role as chairman of the National Republican Senate Committee, the campaign arm of the Senate Republican Caucus, Scott said the plan is entirely his own. Republican Senate Minority Leader Mitch McConnell has rejected Scott’s call for Americans who pay no income tax and sue Social Security and Medicare entitlements.