On Tuesday, the treasury secretary stated big, unexpected economic surprises created new problems. These surprises include heightened energy costs and food expenses; the issues with the supply chain remain a factor as well.
Later, Yellen claimed Biden’s top priority continues to be inflation. Some Americans have pushed back against this, owing to the president’s persistent advocacy for more spending.
Driving down consumer costs
Republicans consistently maintain that spending reductions serve as the best means to lower inflation. However, the White House continues to reject this.
To this day, Biden’s work to pass a redrafted version of the Build Back Better Act is far from over; likewise, the president’s called for more spending legislation for COVID vaccines and other initiatives.
This will not reduce consumer costs. Contrary to previous claims from Biden, a country cannot spend its way out of skyrocketing prices.
Costs today are higher due to a pattern of federal spending. Therefore, the reduction of this spending remains the only feasible means of cutting down prices across the United States.
