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President Biden, who is running a media campaign to spread his concern about inflation, is said to be frustrated by his team’s handling of the issue that could decimate his party in November.
But after his administration clung to the idea that the price increase was temporary, he has few tools to use beyond empathy.
After briefing Treasury Secretary Janet Yellin, who told CNN, “I think I was wrong about the way inflation would go,” it was time to turn the page.
But to what?
An Oval Office photo shoot with Yellen and Fed Chairman Jerome Powell will not change much. In addition, the president’s message was contradictory. “My plan to address inflation begins with a simple proposal: respect the Fed, respect the independence of the Fed.”
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Well, Biden has no choice, as the Federal Reserve is an independent agency, even if it was trying to contrast Donald Trump’s public indictment with the Fed. Moreover, it is the job of the Fed to manage the money supply without letting inflation go out of control, and in that sense it has been a failure. Putin’s guilty plea also appears to have been rejected.
U.S. President Joe Biden (C) meets with Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen at the White House Oval Office on May 31, 2022 in Washington, DC . The three met to discuss the Biden administration’s plan to fight record inflation. (Photo by Kevin Dietsch / Getty Images)
Biden also wrote an opinion piece on Wall Street Journal inflation that barely had an impact because it contained nothing new. He also made senior officials do cable news rounds to talk about the economy.
“The burst of activity,” says the Washington Post, “comes after Biden protested privately in front of top White House officials about the administration’s management of inflation, expressing frustration in recent months because helpers do not do enough to address the issue directly. “
But amid rising prices for Ukraine, coronavirus and gasoline during the summer driving season, “Biden may be able to do little about it.”
Politico sees “a vicious game of guilt” between the White House and business leaders, especially with the stock market crash.
“Some senior executives, especially in the banking sector, are now complaining that while Biden is paying close attention to their views on how to fix things, he is not really listening to them or asking for their input.”
A general manager of an unnamed bank said: “Now they will be sacrificed in the medium term. And they deserve to be sacrificed because they really haven’t achieved anything except maybe increase inflation.”
U.S. Treasury Secretary Janet Yellen said Thursday that she was wrong on the path to inflation after months of downplaying the problem. (Alex Wong / Getty Images)
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There is always tension between Wall Street and Democratic presidents, especially when it comes to over-profits and to raising corporate taxes.
The most corrosive thing about inflation is that it hurts almost everyone. When you pay for more beef and chicken, or spend $ 70 or $ 80 to fill your car, you feel like your money is being taken out of your pocket. Biden, with his working-class roots, knows all too well.
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Now the president can argue that he has created a record number of jobs, that the economy is singing for those with a solid job, but no one wants to hear it. If the administration had poured less money into the economy after the impact of the pandemic, inflation would have been lower, but there would have been more unemployed people. That was the option, but it left us with the scourge of 8 percent inflation.
President Joe Biden’s plan to forgive $ 10,000 in student loans per borrower was criticized by the Washington Post’s editorial board. (Photo by AP / Evan Vucci)
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No wonder Biden is frustrated. His claim that the price increase was “transient” turned out to be far-fetched, and that he is likely to pay a high political price.