Biden lays out plan to fight inflation in Wall Street Journal op-ed
The Wall Street Journal published an op-ed by President Biden on Monday with the headline "My Plan for Fighting Inflation."
Biden began by acknowledging that "Americans are anxious" about inflation, which he said had been "exacerbated" by the war in Ukraine. According to a Gallup poll released Tuesday, Americans' confidence in the economy is at its lowest point since early 2009, when the Great Recession was just reaching its end.
The president also touted his achievements, which he said include a reduced federal deficit, rapid declines in unemployment, and strong economic growth relative to other developed countries.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"With the right policies, the U.S. can transition from recovery to stable, steady growth and bring down inflation without giving up all these historic gains," Biden wrote.
To achieve this goal he proposed passing clean energy tax credits to bring down gas prices, improving infrastructure, cracking down on greedy corporations, ramping up housing construction, reducing the cost of child care, and empowering Medicare to negotiate with pharmaceutical companies.
Matt Yglesias of Slow Boring tweeted approvingly that Biden's op-ed was "not a comprehensive solution to everything but certainly points the way to a possible deal on a reconciliation bill."
Brad Polumbo of the libertarian Based Politics had a different interpretation. Biden, Polumbo argued, failed to acknowledge that out-of-control government spending was also behind inflation or that the new spending he proposed would only make things worse.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-Gazette, Modern Age, The American Conservative, The Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.
-
Mary Poppins tour: 'humdinger' of a show kicks off at Bristol Hippodrome
The Week Recommends Stefanie Jones and Jack Chambers are 'true triple threats' as Mary and Bert in 'timeless' production
By Irenie Forshaw, The Week UK Published
-
Jaguar's stalled rebrand
In the spotlight Critics and car lovers are baffled by the luxury car company's 'complete reset'
By Abby Wilson Published
-
What the chancellor's pension megafund plans mean for your money
Rachel Reeves wants pension schemes to merge and back UK infrastructure – but is it putting your money at risk?
By Marc Shoffman, The Week UK Published
-
Ukraine fires ATACMS, Russia ups hybrid war
Speed Read Ukraine shot U.S.-provided long-range missiles and Russia threatened retaliation
By Peter Weber, The Week US Published
-
New York DA floats 4-year Trump sentencing freeze
Speed Read President-elect Donald Trump's sentencing is on hold, and his lawyers are pushing to dismiss the case while he's in office
By Rafi Schwartz, The Week US Published
-
Wyoming judge strikes down abortion, pill bans
Speed Read The judge said the laws — one of which was a first-in-the-nation prohibition on the use of medication to end pregnancy — violated the state's constitution
By Peter Weber, The Week US Published
-
US sanctions Israeli West Bank settler group
Speed Read The Biden administration has imposed sanctions on Amana, Israel's largest settlement development organization
By Rafi Schwartz, The Week US Published
-
Gaetz ethics report in limbo as sex allegations emerge
Speed Read A lawyer representing two women alleges that Matt Gaetz paid them for sex, and one witnessed him having sex with minor
By Peter Weber, The Week US Published
-
Biden allows Ukraine to hit deep in Russia
Speed Read The U.S. gave Ukraine the green light to use ATACMS missiles supplied by Washington, a decision influenced by Russia's escalation of the war with North Korean troops
By Peter Weber, The Week US Published
-
What does the G20 summit say about the new global order?
Today's Big Question Donald Trump's election ushers in era of 'transactional' geopolitics that threatens to undermine international consensus
By Elliott Goat, The Week UK Published
-
Joe Biden's legacy: economically strong, politically disastrous
In Depth The President boosted industry and employment, but 'Bidenomics' proved ineffective to winning the elections
By The Week UK Published