President Biden lays out Plan to Fight Inflation

President Biden laid out a three-part plan on Tuesday for combating high inflation.

The first part of his plan was an acknowledgment that the Federal Reserve “has a primary responsibility to control inflation.”

The second part involved making goods more affordable for families with a focus on high gas prices. His administration has blamed Russia’s invasion into Ukraine for the high price of gas and Biden touted the release from global oil reserves and called on Congress to pass clean energy tax credits. Biden’s plan to make goods more affordable also includes fixing supply chains, improving infrastructure, “and cracking down on the exorbitant fees that foreign ocean freight companies charge to move products.”

The third part of the president’s plan involved 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,” he said.