White House officials will be the first to admit that the historically high inflation that has plagued the United States is stubbornly persistent and frustratingly relentless.
Last year, senior officials, including President Joe Biden himself and Treasury Secretary Janet Yellen, predicted that high prices would be short-lived, but those predictions were proven wrong and the administration had to back down. rice field.
While there have been clear signs that inflation appears to be easing in recent weeks, White House officials continue to stress that it remains a serious problem, and the unexpected event It also faces criticism, including from Republican lawmakers, that America’s relief programs and other spending are driving up inflation even further.
Still, the White House argues that the actions taken by the administration helped ease the historic high.
Foremost among these are government efforts to address supply chain issues. The administration has created an interagency supply chain task force, including the so-called “Port Envoy,” to try to resolve some of the major blockages in the country’s most important supply chain arteries. Officials argue that if consumer goods can keep moving, product availability will increase, ultimately lowering prices.
Biden also points out that his decision to aggressively release oil from the Strategic Oil Reserve has helped lower prices at gas pumps. It’s hard to say how much the SPR release ultimately directly impacted prices. These releases aren’t meant to make a dramatic impact overnight. Ukraine.
The White House also said some of the administrative measures Biden has taken, such as making hearing aids available over-the-counter and much cheaper and more accessible, would help ease the pressure on the narrow spectrum of everyday consumers. Evaluate the measures.
On the legislative side, the final implementation of the so-called “Inflation Reduction Act” will give Americans more breathing room, White House officials say — but massive climate, health care, tax Experts are highly divided on how much impact the package will actually have on inflation itself.
Officials have been following the central bank and its historic rate hikes like everyone else. But they stress the importance of Biden recognizing the independence of the Federal Reserve, unlike the previous administration, allowing the central bank to do what it needs to keep inflation under control. I immediately point out that
