The global economy is facing serious challenges. Inflation has risen
Vladimir PutinWar in Ukraine. Energy markets are in turmoil. Supply chains that are not fully recovered are causing shortages and price increases.
Americans are worried. I know that feeling. I grew up in a family where it mattered when it came to gas or groceries. We felt it around the kitchen table. But the American people should have confidence that our economy is facing these challenges from a strong position.
By the time I took office, in January 2021, recovery had stalled and Covid was out of control. In less than a year and a half, my administration’s economic and vaccination plans helped achieve the strongest reform in modern history. The job market is at its strongest since the post-World War II era, in which 8.3 million new jobsThe sharpest drop in unemployment on record, and millions of Americans are finding jobs with better pay.
Since I took office, families have increased their savings and have less debt: a recent Federal Reserve report good found that a higher percentage of Americans reported feeling financially comfortable at the end of 2021 than at any time since the survey began in 2013. Business Investment 20% up and manufacturing jobs growing at their fastest rate in 30 years. There were more new small business applications in 2021 than in any previous year.
America is in a better economic position than almost any other country. According to the International Monetary Fund, the US economy will be larger later this year – relative to its pre-pandemic size – than any other group of 7 economies. For the first time since 1976, the US economy could grow faster than China’s this year.
With the right policies, the US can recover from recovery without forfeiting all these historic gains, with steady, steady growth and bringing inflation down. During this transition, growth will look different. We will see record low job-creation numbers, but that won’t be a cause for concern. Instead, if the average monthly job creation next year rises from the current level of 500,000 to closer to 150,000, it would be a sign that we are successfully moving into the next phase of recovery – because such job growth is one This corresponds to a low unemployment rate and a healthy economy. Things should have looked different from the decades before the pandemic, when we often had low growth, low wage benefits, and an economy that worked best for the wealthiest Americans.
I ran for president because I was tired of the so-called trickle-down economy. Now we have the chance to build a historic revamp with a working economy for working families. The most important thing we can do now to transition from rapid recovery to steady, steady growth is to bring inflation down. That’s why I have made tackling inflation my top economic priority. There are three parts to my plan:
First, the Federal Reserve has the primary responsibility for controlling inflation. My predecessor let the Fed down, and past presidents have sought to inappropriately influence their decisions during periods of high inflation. I will not do this. I have appointed highly qualified people from both sides to lead that institution. I agree with his assessment that fighting inflation is our top economic challenge right now.
Second, we need to take every practical step during this moment of economic uncertainty to make things more affordable for families and to boost the productive capacity of our economy over time. Prices at the pump have risen in large part because Russian oil, gas and refining is out of the market. We cannot give up on our global effort to punish Mr. Putin for what he has done, and we must minimize these implications for American consumers. So I led the largest release from global oil reserves in history. Congress can help immediately by passing the Clean Energy Tax Credit and the investments I propose. A dozen CEOs from America’s largest utility companies told me earlier this year that my plan would reduce the average family’s annual utility bills by $500 and accelerate our transition from energy produced by autocrats.
We can also reduce the cost of everyday goods by fixing broken supply chains, improving infrastructure, and cracking down Foreign sea freight companies charge exorbitant fees to move products. My Housing Supply Action Plan will make housing more affordable by constructing over one million units, closing the housing shortage in the next five years. We can reduce the cost of drugs by giving Medicare the power to negotiate with drug companies and limiting the cost of insulin. And we can reduce the cost of child and elder care by helping parents get back to work. I’ve done what I can on my own to help working families during this challenging time – and will continue to work at low cost where I can – but now Congress needs to act, too.
Third, we must continue to reduce the federal deficit, which will help ease price pressures. Last week the nonpartisan Congressional Budget Office estimated the deficit would shrink by $1.7 trillion this year—the biggest reduction in history. This would leave the deficit as part of the economy below pre-pandemic levels and below the CBO projected for this year before the passage of the US rescue plan. This deficit progression was not predetermined. In addition to responsibly closing emergency programs, nearly half of the cuts are driven by increased revenues – as my economic policies have improved rapidly.
My plan will be to further reduce the deficit by making common sense reforms in the tax code. The Internal Revenue Service must have the resources to collect the taxes that Americans already owe. We must level the international taxation playing field so that companies are not encouraged to move jobs and profits overseas. And we must end the outrageous unfairness in the tax code that allows a billionaire to pay lower rates than a teacher or firefighter.
I welcome debate on our plan to tackle inflation and move the economy towards steady and stable growth. I have a very different view from Congressional Republicans led by Sen. Rick Scott, whose plan would raise taxes on people making less than $100,000 and require Congress to renegotiate basic programs like Medicare, Social Security, and Medicaid every five years. have to authorize. This would make American households poorer and more financially vulnerable.
The economic policy choices we make today will determine whether sustained reform that benefits all Americans is possible. I will work with anyone—Democrat, Republican, or independent—ready to have an open and honest discussion that provides real solutions for the American people.
Mr. Biden is the 46th President of the United States of America.
Journal editorial report: Georgia results raise questions about Trump’s influence. Images: AP/Shutterstock Overall: Mark Kelly
opinion | Joe Biden: My plan to fight inflation
The global economy is facing serious challenges. Inflation has risen
Vladimir PutinWar in Ukraine. Energy markets are in turmoil. Supply chains that are not fully recovered are causing shortages and price increases.
Americans are worried. I know that feeling. I grew up in a family where it mattered when it came to gas or groceries. We felt it around the kitchen table. But the American people should have confidence that our economy is facing these challenges from a strong position.
By the time I took office, in January 2021, recovery had stalled and Covid was out of control. In less than a year and a half, my administration’s economic and vaccination plans helped achieve the strongest reform in modern history. The job market is at its strongest since the post-World War II era, in which 8.3 million new jobsThe sharpest drop in unemployment on record, and millions of Americans are finding jobs with better pay.
Since I took office, families have increased their savings and have less debt: a recent Federal Reserve report good found that a higher percentage of Americans reported feeling financially comfortable at the end of 2021 than at any time since the survey began in 2013. Business Investment 20% up and manufacturing jobs growing at their fastest rate in 30 years. There were more new small business applications in 2021 than in any previous year.
America is in a better economic position than almost any other country. According to the International Monetary Fund, the US economy will be larger later this year – relative to its pre-pandemic size – than any other group of 7 economies. For the first time since 1976, the US economy could grow faster than China’s this year.
With the right policies, the US can recover from recovery without forfeiting all these historic gains, with steady, steady growth and bringing inflation down. During this transition, growth will look different. We will see record low job-creation numbers, but that won’t be a cause for concern. Instead, if the average monthly job creation next year rises from the current level of 500,000 to closer to 150,000, it would be a sign that we are successfully moving into the next phase of recovery – because such job growth is one This corresponds to a low unemployment rate and a healthy economy. Things should have looked different from the decades before the pandemic, when we often had low growth, low wage benefits, and an economy that worked best for the wealthiest Americans.
I ran for president because I was tired of the so-called trickle-down economy. Now we have the chance to build a historic revamp with a working economy for working families. The most important thing we can do now to transition from rapid recovery to steady, steady growth is to bring inflation down. That’s why I have made tackling inflation my top economic priority. There are three parts to my plan:
First, the Federal Reserve has the primary responsibility for controlling inflation. My predecessor let the Fed down, and past presidents have sought to inappropriately influence their decisions during periods of high inflation. I will not do this. I have appointed highly qualified people from both sides to lead that institution. I agree with his assessment that fighting inflation is our top economic challenge right now.
Second, we need to take every practical step during this moment of economic uncertainty to make things more affordable for families and to boost the productive capacity of our economy over time. Prices at the pump have risen in large part because Russian oil, gas and refining is out of the market. We cannot give up on our global effort to punish Mr. Putin for what he has done, and we must minimize these implications for American consumers. So I led the largest release from global oil reserves in history. Congress can help immediately by passing the Clean Energy Tax Credit and the investments I propose. A dozen CEOs from America’s largest utility companies told me earlier this year that my plan would reduce the average family’s annual utility bills by $500 and accelerate our transition from energy produced by autocrats.
We can also reduce the cost of everyday goods by fixing broken supply chains, improving infrastructure, and cracking down Foreign sea freight companies charge exorbitant fees to move products. My Housing Supply Action Plan will make housing more affordable by constructing over one million units, closing the housing shortage in the next five years. We can reduce the cost of drugs by giving Medicare the power to negotiate with drug companies and limiting the cost of insulin. And we can reduce the cost of child and elder care by helping parents get back to work. I’ve done what I can on my own to help working families during this challenging time – and will continue to work at low cost where I can – but now Congress needs to act, too.
Third, we must continue to reduce the federal deficit, which will help ease price pressures. Last week the nonpartisan Congressional Budget Office estimated the deficit would shrink by $1.7 trillion this year—the biggest reduction in history. This would leave the deficit as part of the economy below pre-pandemic levels and below the CBO projected for this year before the passage of the US rescue plan. This deficit progression was not predetermined. In addition to responsibly closing emergency programs, nearly half of the cuts are driven by increased revenues – as my economic policies have improved rapidly.
My plan will be to further reduce the deficit by making common sense reforms in the tax code. The Internal Revenue Service must have the resources to collect the taxes that Americans already owe. We must level the international taxation playing field so that companies are not encouraged to move jobs and profits overseas. And we must end the outrageous unfairness in the tax code that allows a billionaire to pay lower rates than a teacher or firefighter.
I welcome debate on our plan to tackle inflation and move the economy towards steady and stable growth. I have a very different view from Congressional Republicans led by Sen. Rick Scott, whose plan would raise taxes on people making less than $100,000 and require Congress to renegotiate basic programs like Medicare, Social Security, and Medicaid every five years. have to authorize. This would make American households poorer and more financially vulnerable.
The economic policy choices we make today will determine whether sustained reform that benefits all Americans is possible. I will work with anyone—Democrat, Republican, or independent—ready to have an open and honest discussion that provides real solutions for the American people.
Mr. Biden is the 46th President of the United States of America.
Journal editorial report: Georgia results raise questions about Trump’s influence. Images: AP/Shutterstock Overall: Mark Kelly
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