Ahead of a Tuesday meeting with Federal Reserve Chairman Jerome Powell, President Biden laid out a plan in a Wall Street Journal op-ed to fight inflation levels that are topping 8 percent annually and reaching nearly 40-year highs. Biden has said that bringing down inflation is his top economic priority.
The gist of the plan is to get out of the way while the Fed raises interest rates to bolster the purchasing power of the dollar while supporting damaged supply chains to make sure that demand for goods doesn’t outpace their supply.
- Biden needs the labor market to cool and is depending on the Fed
- Biden talks a lot about deficit cuts
- Biden wants to do something on housing
- Russia and China are causing Biden problems
- There are fears of a recession