He will “build on historic recovery.”
On Tuesday, President Biden laid out a three-part plan for combating high inflation. “We have a chance to build on a historic recovery with an economy that works for working families,” he stated in the Wall Street Journal. “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.”
The opinion piece was published ahead of his meeting with Federal Reserve Chairman Jerome Powell. The first part of the plan was an acknowledgment that the Federal Reserve “has a primary responsibility to control inflation,” the president said. The second part involves making goods more affordable for families with a focus on high gas prices. Third would involve reducing the federal deficit through “common-sense reforms to the tax code.”
“We should level the international taxation playing field so companies no longer have an incentive to shift jobs and profits overseas. And we should end the outrageous unfairness in the tax code that allows a billionaire to pay lower rates than a teacher or firefighter,” the president said.
He also noted that the Congressional Budget Office projected that the federal deficit would fall by $1.7 trillion this year, which would be the largest reduction in history. “With the right policies, the U.S. can transition from recovery to stable, steady growth and bring down inflation without giving up all these historic gains,” President Biden said.
As the Lord Leads, Pray with Us…
- That the president would look to God for wisdom in addressing the nation’s economy.
- For Chairman Powell and the Federal Reserve Board as they address inflation.
Sources: The Hill, Newsmax
