As Inflation rises and the DOW crashes, Biden insists on new massive spending.
Saying “Our experts believe and the data shows that most of the price increases we’ve seen are—were expected and expected to be temporary.” But the Wall Street Journal editorial board asks “Price increases were expected by whom? By contributors to these pages, sure. But not by the White House budget office, which forecast inflation of 2.1% in 2021 and 2022 in its recent budget proposal. Not by the Federal Reserve, which has underestimated inflation at each of its meetings this year. At its June monetary policy meeting the median forecast among Fed officials for 2021 was 3%. In March their forecast was 2.2%. In June the actual consumer-price increase over a year ago was 5.4%” (WSJ). From Kevin McCarthy: Prices on everything from gas to groceries are skyrocketing. Inflation is hitting hard-working middle-class families the hardest. A key driver of these price increases and increased costs of living is crystal clear → massive increases in government spending by the Democrats (Twitter).
Townhall: As the DOW crashes and inflation rises, with the cost of basic goods skyrocketing for American families across the country, President Joe Biden insisted Congress pass trillions more in government spending during remarks at the White House Monday. Biden argued his agenda can be paid for through a tax increase on Americans who he says need to “pay their fair share.”
“Simply put, we can’t afford not to make these investments. We’re going to pay for them responsibly as well. By ensuring our largest corporations, and the very wealthiest among us, pay their fair share,” Biden said from the East Room. “Whatever different views some might have on current price increases, we should be united in one thing: the passage of the bipartisan infrastructure framework…and my Build Back Better plan will be a force for achieving lower prices for Americans looking ahead.”
Biden’s Build Back Better Plan, which includes the American Rescue Plan, American Jobs Plan and American Families plan, costs more than $7.5 trillion. The current U.S. debt sits at $28.5 trillion.
During his remarks, Biden attempted to downplay inflation concerns by arguing the change is “temporary.”
“We also know as our economy has come roaring back, we’ve seen some price increases. Some folks have raised worries that this could be a sign of persistent inflation. But that’s not our view,” Biden said. “Our experts believe and the data shows that most of the price increases we’ve seen were expected and are expected to be temporary.”
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