The Biden Administration Announces Its Plan to Fight Inflation

The administrations took action to combat the rising global inflation. It was stated that the main target in the anti-inflation plan presented by the US administration was to reduce costs and deficits.

The Biden Administration Announces Its Plan to Fight Inflation. US President Joe Biden and his administration took action to combat inflation, which reached 8.5 percent. According to the White House, President Biden's top economic objective is to combat inflation and lower expenses for American people. Thus, it was stated that he could continue the historic economic recovery to the benefit of all Americans. In addition, President Biden emphasized that the top priority is the fight against inflation. The main lines of the action plan, in which the Biden administration will take short, medium and long-term steps to reduce costs and budget deficit for families, are listed as follows:

Reducing gas and energy costs and ensuring energy independence

1. Mitigate the impact of Putin's price hike
2. Lowering energy bills
3. Establishing true energy independence:

Lowering other daily costs for American families:

1. Reducing prescription drug and healthcare costs
2. Lowering food prices by helping American farmers grow more and compete more effectively
3. Reducing the cost of everyday goods by repairing our infrastructure, supply chains and manufacturing
4. Reducing childcare and long-term care costs
5. Reducing housing costs by building more houses

Reducing Deficits by Asking Big Corporations and Rich Americans to Pay Their Fair Shares While the federal budget deficit has widened each year under President Trump, partly due to $2 trillion in unpaid tax cuts that benefit the richest Americans and the largest corporations, the deficit has dropped by $350 billion as President Biden prioritized restructuring in his first year in office.  

Source: Bloomberg HT