After saying in a tweet that Republicans should be blamed for the nation's economic woes, President Joe Biden immediately came under fire.
Republicans in Congress and conservative media attacked the assertion as Americans continue to be hit hard by high gas costs and grocery store prices due to high inflation rates.
Biden Slammed For Using Republicans as Scapegoat
Biden is using Republicans as a scapegoat for the nation's issues, according to economist Brian Riedl. Former Bush White House employee and CNN commentator Scott Jennings referred to the president's comments as a bull. Another media analyst pointed out that President Joe Biden had earlier blamed inflation on Russia's invasion of Ukraine.
Given a 2020 tweet Biden sent while running for office, several Twitter users criticized the comment for being hypocritical.
Biden stated, referring to then-President Donald Trump, "It's hard to believe that it has to be said, but unlike this president, I'll do my job and take responsibility. I won't lay blame on others."
Many economic analysts believe that a recession is imminent since inflation is at a level that hasn't been seen in forty years, according to New York Post.
Before the 2022 midterm elections, Biden's poll numbers are dropping, gas costs are at an all-time high, and inflation is at a 40-year high. Some political elites, like House Speaker Nancy Pelosi, are taking opulent vacations in Italy despite the economic difficulties, as per Fox News.
POTUS, Democrats Struggle To Fight Economic Issues
With inflation at its highest point in forty years, President Joe Biden and his fellow Democrats are fighting to control it. As voters become more dissatisfied with the situation of the economy, it is creating a serious political threat to the party in the November midterm elections.
However, there is one significant move that economists believe the Biden administration may do to advance toward bringing down the price of standard goods like televisions and clothing
Kimberly Clausing, a professor of economics at the University of California, Los Angeles, and a former senior tax adviser to the Biden administration, stated in an interview that "there are things we can do, and one of them is cutting tariffs." "Even if it has a minor impact, it will move things in the right direction, so it's still worthwhile."
Former economic adviser to President George W. Bush Douglas Holtz-Eakin told Insider, "Gas tax breaks are modest by comparison and less effective, so this is where I would go if I were them, a lawmaker said. "They're receiving a lot of political fire for the other things they've contemplated. I've been amazed that they haven't gone to these earlier."
The same opinions are being expressed by several Democrats in Congress. Sen. Tim Kaine of Virginia called the tariffs "direct taxes on American homes" and urged their repeal in a recent op-ed that appeared in The Virginian Pilot. He claimed that the tariffs "were neither well thought out nor well-executed."
Many of the levies would undoubtedly be eliminated, giving increasingly strapped cash consumers a financial benefit. According to a March analysis by the Peterson Institute of International Economics, removing the tariffs would result in yearly savings for Americans of $797, or slightly over half of the stimulus payment for 2021.
Since 2018, the rates have been fixed. To reduce the trade deficit and put pressure on the Chinese government to stop using unfair trade practices and level the playing field for American businesses, At the time, President Trump imposed taxes on a variety of products from China. Later, with some levies reaching 25%, they were expanded to encompass around two-thirds of all Chinese imports, including bicycles and microchips.
However, they haven't done much to close the enormous trade gap with China. According to the Census Bureau, through the first five months of 2022, the US bought $163 billion more in products than it sent to China.
The Biden administration is under pressure from business leaders to eliminate the levies. Major brewery CEOs recently urged the White House in a letter to the Beer Institute to remove aluminum tariffs, which have cost the industry an estimated $1.4 billion since 2018.
But it doesn't seem like the White House has been sold yet. Before the midterm elections in November, it seems improbable that the Biden administration will remove the majority of the tariffs. After months of internal discussion, the White House has shown little hint that it is close to making a decision. Biden told reporters on Friday, "I haven't made that decision yet," Yahoo Sports reported.
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