Meanwhile, gas prices hit all-time high.
President Biden stated on Tuesday that addressing inflation is his “top domestic priority” particularly as midterm elections loom. “I want everyone to know that I’m taking inflation very seriously and it’s my top domestic priority,” he said.
The president also disagreed with approaches proposed by others, such as Senator Rick Scott of Florida, which President Biden said would raise taxes on 75 million American families.
“The bottom line is this:” the president said. “Americans have a choice right now between two paths, reflecting two very different sets of values. He said his administration is discussing “right now” potentially lowering some of former President Trump’s tariffs against China as a way to slow inflation.
“I plan to tax inflation and grow the economy by lowering costs for working families, giving workers well-deserved raises, reducing the deficit by historic levels, making big corporations and the very wealthiest Americans pay their fair share,” the president said. He added, “The bottom line is easing these bottlenecks and making our supply chain more secure, is a major focus of my economic strategy.”
Meanwhile, the national average price for regular gasoline jumped to a new all-time high of $4.37 a gallon Tuesday, breaking the previous record set in March, according to AAA. Likewise, prices at the grocery store due to inflation are driving more people to seek out food banks, mobile markets, and co-op sites to support household budgets.
As the Lord Leads, Pray with Us…
- That the president recognizes his need for God’s wisdom in addressing the nation’s economy.
- For U.S. officials to appropriately assess contributing factors to inflation and make discerning moves in response.
Sources: Axios, ABC News
