Further criticising Republican tax and economic proposals, he stressed that his plans to fight inflation will lower costs while the GOP seeks to raise taxes on many Americans and “let companies off the hook." He also remarked that his economic policies had helped slash unemployment and raise wages.
But “for every worker I met who’s gained a little bit of breathing room to seek out a better-paying job, for every entrepreneur who has gained the confidence to pursue their small business dreams, I know that families all across America are hurting because of inflation," he said.
Speaking in regards to providing solutions, he said, it begin with the Federal Reserve, and he noted that he’s made several nominations for the central bank’s board of governors.
“While I’ll never interfere with the Fed’s judgments, decisions or tell them what they have to do -- they’re independent, they’re independent -- I believe that inflation is our top economic challenge right now," Biden said. “I think they do, too."
With inflation at a four-decade high ahead of midterm elections in November that will decide control of Congress, Biden’s top aides have concluded that their best electoral strategy is to try to draw a sharp contrast with Republican policies.
They have targeted a proposal by a senior Republican senator, Rick Scott of Florida, that includes requiring all Americans to pay some federal income tax and requiring Congress to reauthorize all federal legislation every five years, which Democrats say would put entitlements like Social Security and Medicare at risk of repeal.
“They don’t want to solve inflation by lowering your costs --- they want to solve it by raising your taxes and lowering your income," Biden said. “I happen to think it’s a good thing when American families have a little more money in their pockets."
Republican leaders including Senator Mitch McConnell of Kentucky have distanced themselves from Scott’s proposal, and the Florida senator has excoriated Biden for focusing on him.
(With inputs from agencies)
