"Nothing we can do to Bring Down Gas or Food Prices Near Term"
Biden continues to dig himself a hole on talks of inflation...
I don’t know how much further of a hole Joe Biden can dig himself when it comes to inflation talks… On Wednesday, President Biden announced there is little he can do to lower rising food and gas prices in the immediate term (understandable).
"There's a lot going on right now but the idea we're going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food.”
In the coming weeks, it is being rumored that the economy is at the top of the Biden Administration’s to-do list. This is going to be very important as voters headed into the midterms seek some form of backing for Democrats, so Biden is making it an absolute priority to show he can bring down inflation or at least start the process of working towards easing it.
The plan is centered around letting the Fed do its job.
"We can't take immediate action that I'm aware of yet to figure out how we're bringing down the prices of gasoline back to $3 a gallon. And we can't do that immediately with regard to food prices either.
We're in a situation where because of a war in Ukraine, gas prices and food prices are extremely high.
For example, we got millions of tons of wheat that are not able to get out and get to market. It's causing everything from a loaf of bread to cost so much money, to food shortages all across the world. And so we're trying to work through war, we're trying to work through how we can get that harbor opened. And get the, you know, tens of thousands of tons of grain that are there.
The same with gasoline. We have the issue that is occurring now, you have Europe deciding they're going to further curtail the purchase of Russian oil and there's a whole lot of consideration going on about what can be done to maybe even purchase the oil even at a limited price so that it has to be sold, an overwhelming need for the Russians to sell it, and it would be sold at a significantly lower price than the market is generating now."
Instead of looking for direct action, Biden said he is aiming to ease financial burdens in other areas such as medicine and child care. Biden said, "But we can compensate by providing for other necessary costs for families by bringing those down. That reduces the inflation for that family.”