Voters are angry. America’s 8.2% inflation rate sucks and has taken a big bite out of their paycheck. And $4-a-gallon gas hurts, too.
Many Americans are angry and blame Joe Biden for today’s high inflation. Indeed, polls show that many people plan to vote for Republicans in November because they’re upset with Biden over the economy. (Unfortunately, many Americans forget that there’s been more job growth – 10 million jobs – during Biden’s first 20 months in office than during any previous president’s first 20 months.)
For any American who is thinking of voting Republican out of anger about inflation, here’s some advice: look before you leap. Republicans won’t do anything more than Biden has done to slow inflation. Indeed, they’ll probably do less. Despite the flood of GOP ads attacking Biden over inflation, Republicans haven’t put forward any proposals about how they would slow inflation.
They talk of their plan to make Trump’s tax cuts permanent for the rich and big corporations, but that won’t do anything to reduce inflation. (By the way, inflation has been higher in many other countries – in Britain, it’s 8.8%, and in Germany, it’s 10.0% – so it’s ridiculous to suggest inflation is all Joe Biden’s fault.)
There’s another reason voters should look before they leap. Republican lawmakers actually support several policies that will increase inflation. Republicans have vowed to repeal the Biden-backed law that lets Medicare negotiate lower prescription drug prices, a law that will reduce inflation for nearly 63 million Americans on Medicare.
Congressional Republicans were so eager to help big pharma instead of inflation-battered Americans that they blocked Biden from setting a $35-a-month price cap on insulin. That means higher prices – and inflation – for Americans with diabetes. Republicans are also intent on repealing Obamacare, which would push up healthcare prices for many Americans.
Republicans have vowed to take numerous other steps that would make it harder for tens of millions of Americans to cope with inflation. Republicans are threatening to create a debt ceiling crisis to shut down the government unless Biden surrenders to GOP demands to cut social security and Medicare.
Many Republicans say social security and Medicare are far too generous, and their plans to cut those programs will further squeeze millions of older Americans who are already badly squeezed by inflation.
Republicans are also pushing an idea that will make it harder for millions of young Americans to deal with inflation. Through lawsuits and other means, GOP lawmakers to pushing to overturn Biden’s student loan forgiveness plan, which will forgive $10,000 or $20,000 in student debt for 40 million Americans. Not only that, Republicans have hurt many parents’ ability to cope with inflation by blocking Biden’s plan to expand childcare subsidies for families with young children.
Biden has also taken on the oil industry giants, calling on them to roll back gasoline prices as they make obscenely high profits, even as inflation pummels consumers. It’s hard to imagine that Republicans, with their big donations from big oil, would criticize their fossil fuel friends about their exorbitant profits.
Many angry voters will argue that we should of course blame Biden for today’s inflation because, as Harry Truman said, “the buck stops here,” meaning the Oval Office. But let’s be honest, Biden is hardly to blame for inflation. Despite what Republicans say, if any president should be blamed for high inflation, it’s President Putin.
Putin’s war against Ukraine, a major agricultural exporter, has pushed up prices for wheat and many other foods worldwide. Putin’s war has also caused oil and gas prices to soar.
The pandemic has caused huge supply chain disruptions that are a second big factor behind inflation. China has locked down thousands of factories, causing shortages of furniture, appliances and many other products, and that has pushed up prices.
China’s lockdowns have caused a severe shortage of computer chips that American automakers rely on – that has reduced car production and jacked up auto prices. These supply chain problems aren’t Biden’s fault.
There’s a third major, often unappreciated factor fueling inflation: many US corporations have exploited the inflationary environment by aggressively increasing their prices and profit margins. Exxon’s second-quarter profits soared to $17.9bn, more than triple what it earned in last year’s second quarter, while Chevron’s earnings also more than tripled, to $11.6bn. The Economic Policy Institute, a progressive thinktank, found that roughly 40% of the recent inflation in the US can be attributed to fatter corporate profit margins. Maybe Republican TV ads should be attacking corporate greed rather than Joe Biden.
I’m not saying Biden is blameless. Like Donald Trump, he sponsored a badly needed program of checks to US households to help Americans get through the pandemic.
Those checks increased consumer demand and pushed up prices somewhat, but not nearly as much as Putin’s war against Ukraine, supply chain disruptions or corporations fattening their profit margins.
Original Article: Don’t blame Joe Biden for high inflation | Steven Greenhouse
8 thoughts on “Don’t Blame President Joe Biden For Inflation…”
Can tell an extreme-leftist write this drivel
Brain Dead Biden has no idea what that IDIOTS is Doing but FEN the whole Country to SHIT
Here is the deal. Both the house and the senate are controlled by the Democrats. Everything the Republicans propose is voted down by the Democrats. We need to change the dynamics by electing Republicans for both the house and the senate and let the Republicans undo what Biden and the Democrats have done.
These far left democrats are evil! They promise peace and prosperity, yet give fear and poverty. Vote Republican for a decent economy and a strong America!
This author of this article is a leftist Democratic idiot. He must of previously worked for the NY-Times or the Wash Post! This entire economic mess was 100% caused by Biden and the Democratic Communist Party.
—War on energy, specifically gas/oil !
—Open borders, allowing gang members, sex trafficking, terrorists, drugs, and millions of illegal immigrants into our country!!
—War against law enforcement, defunding police, no bail laws, treating suspects as victims and police officers as suspects yet ignoring victims completely!!
—The disaster withdrawal from Afghanistan, leaving Americans and allies behind, leaving 85- billion dollars in military weapons which are now possessed by the terrorist Taliban. Our billion dollar military base is now occupied by China. Great work Biden!
—attack on 1st amendment by censoring conservatives, attack on 2nd amendment by trying to take firearms from law abiding citizens, attack on 4th amendment by weaponizing DOJ & FBI to go after opposing political party!
The list goes on. VOTE REPUBLICAN!!!
Very well summarized the disaster that has been VP Biden & Pres. Harris, or is it the other way round?
All those we have elected to represent the best interests of this great country, (instead of themselves), all of them, both major parties, should be working together instead of fighting for power and wealth amongst themselves. Time for cleaning house.
This publication is a Democrat talking point. Americans know who to blame,the House, Senate and executive branch controlled by the Democrats are to blame. There are no doubts about it. My vote is anybody but the Democrats.!