Biden plans to tackle inflation by lowering cost of goods, federal deficit

Biden plans to tackle inflation by lowering cost of goods, federal deficit

US president says his administration on track to cut federal deficit by $1.7T this year

By Ovunc Kutlu

ANKARA (AA) - US President Joe Biden said on Friday his administration plans to tackle record high inflation by bringing down cost of goods for families and lowering the federal deficit.

For the first part, he pointed out to high energy and food prices, saying "Both of them have been exacerbated by [Russian President Vladimir] Putin's war on Ukraine."

The president stressed on his policies to lower the costs for internet, energy and utility bills, and cost of housing.

"My goal is to make sure at the end of the month families have a little more breathing room," he said during a press conference at the White House.

For the federal deficit, Biden said his plan to lower the federal deficit goes through taxing large US corporations, and called for the Congress to take action.

"Reducing the deficit is another way to ease inflation ... we are on track to cut the deficit by $1.7 trillion this year," he said.

About the US economy adding 390,000 jobs in May, Biden said the unemployment rate remains near historic lows of 3.6%.

Despite the positive jobs report, Biden said many Americans "remain anxious" but urged them to remain "confident" about his administration meeting challenges about the economy and high inflation from "a position of strength."

"The job market is as strong as it has been since just after World War II," he said.

Biden noted that US economy added a record 8.7 million total jobs since he took office in January 2021, and said 600,000 new manufacturing jobs have been created during that period.

"Working age people have come back to the work force faster rate in this recovery than any point in the last 40 years," he said.

"As we move towards a new period of stable and steady growth, we should expect to see more moderation ... That stability puts us into a strong position to tackle the clear problem of inflation,"

Biden reiterated that inflation is the top priority for his administration.
The president later recalled his meeting with the Federal Reserve Chair Jerome Powell on Tuesday at the White House, and stressed the importance of "giving space" for the central bank to operate against high inflation.

Kaynak:Source of News

This news has been read 141 times in total

ADD A COMMENT to TO THE NEWS
UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
Previous and Next News