Biden's top economic adviser defends White House policies as inflation soars
National Economic Council director Brian Deese joins 'The Story' to push back on criticisms, rumors, and blame Vladimir Putin for recent energy sector volatility.
With just over 150 days until the midterms, it’s clear that the state of the economy and inflation will be the key issues motivating voters come the fall. According to the latest Ipsos poll, 83 percent of Americans believe that the economy is "either an extremely or very important issue in determining how they will vote." In the same poll, 80 percent of Americans say the same about inflation and 74% say the same about gas prices. When asked to rank issues of importance, inflation and the economy led the poll with a combined 40% with gun violence and abortion ranking well below at 17 percent and 12 percent.
Americans are hurting and hurting badly. Parents are struggling to find baby formula, gas prices have never been higher, and food prices across most products are inching higher every month. Global supply chains were already severely hurt by COVID-19, compounded recently by China’s inability to get the Coronavirus under control. Russia’s unprovoked and illegal invasion of Ukraine has exacerbated both the inflation crisis (especially when it comes to the price of oil) and supply chain issues.
Republicans are practically gleeful given these circumstances and quick to lay the blame solely with the president. In a rare moment of unguarded honesty, Senator Rick Scott, R-FL, who leads the GOP Senate campaign arm, declared in an interview with the Wall Street Journal, "We’re going to continue to have inflation and then the interest rates will go up. This is a gold mine for us."
Senator Scott is not alone in his caucus when it comes to recognizing that rising costs will be a political boon to GOP chances in the fall, despite the pain inflicted on American’s pocketbooks. Indeed, Republicans are assuming that since Democrats hold both the White House and Congress, Americans who are hurting will blame Team Blue in November while the GOP can sit back and measure the drapes.
High gas prices are posted at a full service gas station in Beverly Hills, Calif., Sunday, Nov. 7, 2021. The average U.S. price of regular-grade gasoline jumped by 5 cents over the past two weeks, to $3.49 per gallon. The price at the pump is $1.30 higher than a year ago. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the rise comes as the cost of crude oil and ethanol surges. Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $4.77 per gallon. The lowest average is in Houston, at $2.98 per gallon. (AP Photo/Damian Dovarganes) ( (AP Photo/Damian Dovarganes))
Senate Minority Leader Mitch McConnell, who is looking to regain control of the chamber, even went so far as to publicly declare that Senate Republicans would release no legislative agenda in advance of the midterms. Can you imagine applying for a job in this country without providing any answers to what you would do if you were hired? But that’s exactly what the GOP wants you to do come November.
Last month, President Joe Biden wrote about his plan to take inflation head on in the Wall Street Journal. The piece followed a speech earlier in May where Biden declared that fighting inflation is his "top domestic priority." While the president has acknowledged that the Federal Reserve "has a primary responsibility to control inflation," he has outlined several policies including clean energy tax credits, cracking down on "exorbitant fees" from foreign ocean shipping companies, and working to bring down the costs of prescription drugs by allowing Medicare to negotiate with drugmakers.
Additionally, the president highlighted his work in reducing the federal deficit, which economists believe will help ease inflation. As Biden noted, "Last week the nonpartisan Congressional Budget Office projected that the deficit will fall by $1.7 trillion this year —the largest reduction in history. That will leave the deficit as a share of the economy lower than pre-pandemic levels and lower than CBO projected for this year before the American Rescue Plan passed."
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In the past few weeks, Democrats have passed measures to help families struggling to find baby formula by processing inspections more quickly and taken on price gouging at the pump to help bring down costs for American consumers. On the first measure, a handful of Republicans joined their Democrat colleagues in helping alleviate the baby formula crisis. No Republican supported the anti-price gouging at the pump legislation.
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By this time, you’ve already imagined a job interview where the candidate refuses to answer any questions about what they would do. Now imagine a situation where your house is on fire and one firefighter refuses to help the other firefighter hold the hose because they think you’ll blame the first one if your house burns to the ground.
Americans will go to the polls in November facing the key question as to which party will best tackle this current inflation crisis. In five short months, we’ll know whether they prefer the firefighter working every day to help or the jobseeker with no plan. My money is on that first firefighter and Team Blue.
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