The US is experiencing record inflation with a looming recession that Biden administration officials notice despite the White House denials. One of their gripes is that President Joe Biden has decisively not done anything about it but does the blame game and says it's Russia's fault.
US Economic Woes Worsens
This economic downturn that includes price hikes from food to gas has shown the president's agenda to be flawed with a lack of leadership when needed, reported Sputnik News.
At a time when consumers need objective action from high gas prices costing from $4 to $6 a gallon with inflation of 8%.
Defensively, the president does not want to let up on covering up for his failing economic policies by placing the blame on external causes. He still blames the gas price hike that came about from the Ukraine conflict, but no one believes him anymore.
Both Democrats and Republicans agree that he is a train wreck bringing the country to disaster.
Federal Reserve
On Wednesday, Federal Reserve Chairman Jerome Powell discussed the rising inflation and thoroughly debunked suggestions that Vladimir Putin is somehow to blame for the US' financial troubles. He insinuated all these problems began long before the Ukraine conflict, and everything started long before that.
Powell said that the inflation rate in the last twelve months was 8.6% by the end of May, but a rise from 2021 with 1.4% reached 7%. A gain of 1.6% in the past months recorded the steep drop, cited CNBC.
One of the reasons, according to the GOP, is that Biden was focused on kneecapping the economy with his Build Back Better agenda, which is a major fact for these problems; that includes record inflation and a looming recession feared by the Biden's administration.
One of the most pressing problems for Americans during inflation is the skyrocketing cost of gas. Gas costs have jumped from about $3.30 to about $5.10 as of January 2021.
Biden recently proposed suspending the federal gas tax to reduce customers' fuel costs. The notion, according to other president's top Democratic allies, is highly questionable, divisive, and ineffectual at worst, said the Washington Post.
The Biden presidency, as well as members of both parties, had also voiced alarm about the gas tax holiday idea, with officials considering it won't have much of an effect on reducing gas prices for Americans. Those who doubt him are Janet Yellen, Nancy Pelosi, and majority Leader Steny H. Hoyer; Yellen was not for the proposal.
Gas Tax Holiday
Way back in 2008, when Barrack Obama was president in 2008, the idea of a gas tax holiday was a gimmick to get more votes. It would not fix high gas prices.
Republicans rarely agree with Obama, but in this example, they do because they have disparaged Biden's proposal for a gas tax holiday as a political marketing ploy during an election year.
Senate Minority Leader Mitch McConnell stated the president's gimmick is puerile and added all his deflections of responsibility for it the crisis. He added that leaving no oil in the Strategic Petroleum Reserve when needed most is foolish.
All this record inflation and looming recession is bothering the Biden administration officials, who don't like what the president is doing for the party and economy.
Related Article : US Treasury Secretary Says No Economic Recession Despite Record Inflation and High Gas Prices Due To Oil Shortage
