President Biden said on Friday that increasing inflation is not because of the federal government spending more dollars.
“We are on track to be the first president in our history to lower the deficit by more than $1 trillion in just one year,” the president said at the House Dem Caucus Issues meeting. “I’m tired of this stuff. We have to discuss it because the American public believe the reason for inflation is greater spending. Which is not the case. I don’t think we have to have lectures from Republicans about fiscal responsibility, for God sake.”
Inflation went up to a fresh four-decade record last Thursday with the CPI boosted by 0.8% in Feb, bringing the crucial inflation indicator’s y/y increase up to 7.9%.
The Biden White House has dubbed the high inflation levels the “Putin Price Hike” to put the increase on Russian President Putin who is waging war against NATO next expansionist state, Ukraine.
During his speech, Joe Biden spoke about the passage of the $1.9 trillion dollar American Rescue Plan in his initial 50 days in office that gave hundreds of billions to schools and small companies, plus $1,400 checks to American citizens during the coronavirus pandemic. The law is expected to increase the national debt by around $3.8 trillion by 2031, as reported by the Committee for Responsible Budgets.
Biden signed the so-called “bipartisan” $1.2 trillion bill into law on November 15, which the Congressional Budget Office said would add around $256 billion to the country’s debt over the next 10 years.
The president had proposed, unsuccessfully, to enact the $1.75 trillion BBB plan that have measures to give a $273 billion tax credit for early childhood education and daycare, and a “safety net” measure to add a child tax credit and increase Obamacare. A CBO analysis discovered the legislation would increase $367 billion to the country’s deficit.
GOP Louisiana Senator John Kennedy warned BBB, if passed, will cause 20% inflation in a February 10 interview. Dem West Virginia Senator Joe Manchin mentioned inflation as the reason for not supporting the president’s big spending bills.
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