Inflation is one of the top issues for Americans across the United States. People are just not able to keep up with the rising prices, especially in light of stagnant wages.
As inflation continues to rise, the Biden administration remains adamant that America’s economy is going through a robust recovery. Although, folks who are struggling to afford gas and pay their bills have a very different outlook on the situation.
Despite the disposition and rhetoric from the Biden administration, inflation is not going away. However, it is a key issue that’s going to carry weight in how Americans vote in the midterm elections.
With significant inflation hikes, the president is set for a meeting with Jerome Powell, the Federal Reserve’s chairman, according to ABC News.
What to Know About Biden’s Meeting with the Federal Reserve
On Tuesday, Biden and Powell will convene to talk about inflation and various means of stabilizing the current conditions of the American economy.
In a statement, the White House claimed the president’s priority lies in delivering for working families. However, the administration has faced considerable criticism for still pushing to increase spending rates, despite the current state of inflation.
Biden’s meeting with the Federal Reserve chairman also comes on the heels of his claims that the president of Russia is accountable for US inflation.
Joe Biden says we’re experiencing the “most robust” economic recovery in history.
If by that he means $5 gas, record inflation, and soaring grocery prices, then sure, it’s robust.
— Rep. Jim Jordan (@Jim_Jordan) May 31, 2022
This claim, too, has been rejected by critics on the basis that inflation began well ahead of Putin attacking Ukraine.
The Federal Reserve has raised interest rates multiple times this year and plans to do so even more times before 2023.
According to the central bank, this is designed to bring down inflation and steady the economy; however, economists believe that consistently raising interest rates will create an eventual recession.
What Will Come of the Meeting?
Many Americans aren’t holding their breath in waiting for groundbreaking economic recoveries after this meeting.
Ultimately, one of the most important things that’s needed to drive down inflation is going to be a serious cutback in spending levels.
This is not something Biden has shown any willingness to do; yet, at the same time, the White House claims his number one concern deals with cutting back on high prices.
Biden when pressed about other issues, inflation & fuel cost, you blame others & get mad at the questioner. Your administration apparently believes things are going well & according to plan, but polls show a different story
— Truman Cash (@TrumanCash2) May 30, 2022
When questioned on inflation in the past, the president has argued that even more spending is necessary to drive down costs. In reality, though, it’s not possible to spend one’s way out of an inflation crisis.
What appears most likely at this time is for Biden to continue with his current policies, even after his meeting with the Federal Reserve chairman.
Although, if Republican lawmakers are voted back into the House and Senate majorities, this will largely change the legislation that Congress passes.
Do you think Joe Biden’s meeting with the Federal Reserve will have any serious impact on inflation? Please let us know in the comments section.