Staff Reports
Prices have continued to go up in March, with experts saying that out-of-control spending by Washington is the main problem. They don’t all agree on how quickly cutting back on spending by President Biden’s team could help lower inflation rates.
Inflation went up 3.5% compared to last year in March, up from 3.2% in February, which is higher than the 2% goal the Federal Reserve wants. The rise in prices is mostly because the government is spending a lot more money than it has, and this has carried on under President Biden. Economists have different ideas on how fast the president could bring down inflation if the right steps are taken.
Can Biden Quickly Reel In Runaway Inflation? Experts Weigh In https://t.co/kvBxMcnGFr
— Daily Caller (@DailyCaller) April 11, 2024
The national debt is now over $34.6 trillion, which is a lot more than the approximately $27.8 trillion it was back in January 2021 when Biden first became president. President Biden has put in place several expensive plans like the American Rescue Plan and the Inflation Reduction Act, which added billions in spending.
President Biden mentioned that inflation has dropped over 60% from its highest point today. He talked about wanting to lower housing costs by building and fixing 2 million homes and asked profitable companies to share their savings with customers.
Prices overall have gone up by 18.9% since January 2021, according to the Federal Reserve Bank of St. Louis. Inflation hit its highest point under President Biden in June 2022, going up 9% compared to the year before.
It’s been suggested that President Biden could put an end to his restrictions on American energy production, which might help bring costs down a few weeks or months later. These restrictions have made it harder for oil companies to get leases, lessening how much energy they can produce and raising prices for businesses that need energy to run.
According to the CEO of the Job Creators Network, reversing the policies of the Democratic Party could quickly ease inflation for regular Americans. He talked about how spending by Democrats is pushing the nation towards a $2 trillion deficit this year, making costs go up.
Despite high inflation rates, the Federal Reserve has kept its federal funds rate between 5.25% and 5.50%. However, many investors think rates will come down this year even with prices staying high. This means the Fed is making it easier for the government to spend more money by buying its debts, which is making inflation worse.
The news outlet reached out to the White House for comments, but they did not respond. It’s important for Americans to keep an eye on how government spending affects their everyday lives and the overall economy.
