WASHINGTON (Fwrd Axis) — President Joe Biden said inflation is his administration’s “top priority” after he met with Federal Reserve Chair Jerome Powell at the White House Tuesday to discuss the plan to combat rising prices on everything from gas to groceries.
Speaking to reporters following his meeting with Powell, Biden said the Federal Reserve will play a vital role in bringing down the high inflation rates but added he won’t “interfere with their critically important work.”
The meeting comes as Americans face rising prices and Democrats deal with deep voter dissatisfaction with the midterm elections looming later this fall.
“My plan to address inflation starts with the simple proposition: Respect the Fed, respect the Fed’s independence, which I have done and will continue to do,” Biden said.
This is not the first time the President and his aides have attempted to bring their focus to the economy. However, the truth is there’s little Biden can do on his own to bring down prices quickly to satisfy Americans. Biden is facing near record-low approval ratings in an election year and is hoping launching a month-long effort will show Americans he is focused on their concerns.
“I’m meeting with the chairman today and Secretary Yellen to discuss my top priority, that is addressing inflation in order to transition from historic recovery to a steady growth that works for American families,” Biden said in the Oval Office prior to the meeting. “And my plan is to address inflation, starts with a simple proposition: respect the Fed, respect the Fed’s independence, which I have done and will continue to do.”
Biden wrote an op-ed published by the The Wall Street Journal on Monday, putting his plan for inflation on full display, saying the Federal Reserve “has a primary responsibility to control inflation.”
In the article, Biden said his plan will center around calling on Congress to revise the tax code, reduce the deficit, make housing more affordable, and lower prescription drug costs.
“A dozen CEOs of 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,” Biden wrote. “We can also reduce the cost of everyday goods by fixing broken supply chains, improving infrastructure, and cracking down on the exorbitant fees that foreign ocean freight companies charge to move products.”
Inflation has reached new 40-year highs, which experts say has to do, in part, with Russia’s war with Ukraine. Polls have constantly shown Americans feel the government is not doing enough to tackle inflation and just 14 percent rate economic conditions as “excellent” or “good,” with 46% calling them “poor”.