May 28, 2022

The Queens County Citizen

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United States | Republicans have accused Biden’s plans of fueling inflation

United States |  Republicans have accused Biden's plans of fueling inflation

(WASHINGTON) Republican-American elected officials on Tuesday strongly condemned Joe Biden’s economic policy, which, they say, will fuel long-term high inflation.

Two major investment plans are under discussion in Congress and may soon be approved, with the opposition believing that the money poured into the economy by the Democratic administration has already contributed to the rise in prices.

“Inflation is plaguing the country […] It’s full of money, “said Sen. Mitch McConnell, a Republican leader at a news conference in Congress.

“The last thing we need to do is add new tax and spending momentum,” he added.

Ahead of the G20 summit in Rome (Italy) on Thursday, the Democratic majority is in a hurry to find an agreement on President Joe Biden’s investment plans for the grand international conference on COP26 in Glasgow. (Scotland).

“I think the American people are worried about what’s happening in Glasgow, not what’s happening in gas prices,” said Senator John Thun.

“This year, Christmas and Thanksgiving are going to be very difficult […] Because prices are rising for everything from groceries to gasoline, ”said Bill Johnson, another elected member of the House.

Washington’s “cost”

“Current inflation is caused by spending in Washington,” lamented Steve Scholes at the Republican Number Two House of Representatives conference on energy.

“And as we spend billions on extra costs and extra taxes, this inflation will only get worse,” he added.

Democrats have been working on two programs for 8 to 10 years: one involving $ 1.2 trillion in infrastructure upgrades; The other is in favor of approximately 2 trillion social and environmental activities.

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Although these costs are high, most of the sections in the Democratic Party have already been revised downwards to a greater extent. And an agreement could be reached this week.

Joe Biden argues that these plans will enable deeper reform of the country while ensuring long-term growth.

For the Biden administration, high inflation was explained by a sustained economic recovery and strong demand.

Treasury Secretary Janet Yellen said on Sunday that the inflation rate would remain high “until next year” and then “by half or by the end of next year (will improve).”

But some economists suggest the risk of overheating.

Consumer prices rose 5.4% in September, according to the CPI inflation index.

And oil prices continue to rise due to the recovery. They rounded out their highest level since Tuesday 2014.