OPINION: This article contains commentary which may reflect the author's opinion
Inflation has run rampant during the Biden Administration. Biden’s plan to reverse it is stated on whitehouse.gov as “lowering costs that families face and lowering the federal deficit by asking the large corporations and the wealthiest Americans to pay their fair share.”
Fiscal middle and lower-class Americans are waiting for the “lowering costs that families face” as gas and food prices soar and smaller businesses struggle to stay afloat, and successful “large corporations and wealthiest Americans are speaking out on the seriously flawed plan the administration is trying to enact.
The Labor Department’s report on Wednesday said that the consumer price index increased 0.3 percent in April from the month before, for a 8.3 percent gain from a year ago, compared to March’s 8.5 percent increase, Daily Mail reported.
The food index increased 9.4 percent from last year, the largest 12-month increase since 1981, and the energy index soared 30.3 percent from a year ago.
Joe Biden has claimed unlikely factors for the inflation, such as the war in Ukraine, apparently not noticing that both inflation and gas prices were on the rise prior to the war.
Republicans realize that having a viable, specific plan to lower inflation will make the difference at the polls. NBC reported that republicans interviewed mentioned boosting domestic energy production, eliminating Covid-19 restrictions and vaccine mandates, and cutting shipping and trucking regulations.
The Federal Reserve, which has begun raising interest rates in an effort to cool inflation, following the stimulus-free payments during the pandemic, thinks hardships are a given.
‘Inflation is much too high, and we understand the hardship it is causing, and we are moving expeditiously to bring it back down,’ Fed Chairman Jerome Powell said on earlier this week.
In an interview with Marketplace on Thursday, he was asked what he would say to someone who will lose their job or miss out on a pay rise as the Fed tried to choke off inflationary spending, Daily Mail reported.
‘So I would say that we fully understand and appreciate how painful inflation is, and that we have the tools and the resolve to get it down to two percent, and that we’re going to do that.
‘I will also say that the process of getting inflation down to two percent will also include some pain, but ultimately the most painful thing would be if we were to fail to deal with it and inflation were to get entrenched in the economy at high levels, and we know what that’s like.
‘And that’s just people losing the value of their paycheck to high inflation and, ultimately, we’d have to go through a much deeper downturn. And so we really need to avoid that.’
Jeff Bezos, the founder of Amazon, attacked the Biden Administration’s inflation plan on Twitter on Sunday.
Biden tweeted on Friday that taxing corporations more would help ease the economic strain impacting Americans, suggesting that taxing the rich would fix the 8+percent inflation, a 40-year high, that is now plaguing the U.S.
‘You want to bring down inflation? Let’s make sure the wealthiest corporations pay their fair share,’ Biden tweeted.
You want to bring down inflation?
Let’s make sure the wealthiest corporations pay their fair share.
— Joe Biden (@JoeBiden) May 13, 2022
Previously, President Biden’s Build Back Better had been axed as Congress recognized the folly of the plan.
In his tweet on Sunday, Bezos gave credit to Senator Joe Manchin who stood against and would not vote for the plan, or any further COVID stimulus.
In a retweet of an account @ne0liberal, Bezos stated that BBB would have made inflation worse.
‘The administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves,’ Bezos wrote. ‘Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country.’
In fact, the administration tried hard to inject even more stimulus into an already over-heated, inflationary economy and only Manchin saved them from themselves. Inflation is a regressive tax that most hurts the least affluent. Misdirection doesn’t help the country. https://t.co/a8cygcunEG
— Jeff Bezos (@JeffBezos) May 15, 2022
The White House responded to Bezos on Sunday in a counterattack.
‘It doesn’t require a huge leap to figure out why one of the wealthiest individuals on earth opposes an economic agenda for the middle class that cuts some of the biggest costs families face, fights inflation for the long haul, and adds to the historic deficit reduction the president is achieving by asking the richest taxpayers and corporations to pay their fair share,’ said White House Deputy Press Secretary Andrew Bates.
‘It’s also unsurprising that this tweet comes after the president met with labor organizers, including Amazon employees.’
White House responds to Bezos criticism, points out the very richest would pay more under WH agenda
WH also points out Bezos' criticism of Biden comes after the president met with Amazon labor union leadership
— Jeff Stein (@JStein_WaPo) May 16, 2022
Bezos responded quickly, noting that focusing on taxing one group and dealing with labor unions as one issue was misdirection, and should be addressed by the Department of Homeland Security’s Disinformation Board which was established last month in an effort to diffuse the spread of disinformation, especially spreading such online.
‘The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead,’ Bezos tweeted.
‘Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection.’
The newly created Disinformation Board should review this tweet, or maybe they need to form a new Non Sequitur Board instead. Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection. https://t.co/ye4XiNNc2v
— Jeff Bezos (@JeffBezos) May 14, 2022
Citizens who shop for food, pay utilities, drive cars or use transportation (in other words, everyone) are feeling the pain of the high inflation and are understandably worried about how high it could go.