Biden should get his misinformation board on this blog post to do some fact checking.
President Biden has a plan to tackle inflation – by lowering costs that families face and lowering the federal deficit by asking the large corporations and the wealthiest Americans to pay their fair share. Congressional Republicans, led by Senator Rick Scott, have called for a new minimum tax on the middle class – firefighters and teachers – that would mean an average of almost $1,500 less in families’ pockets each year. And, while part of President Biden’s plan to lower costs is to strengthen Medicare by giving it the power to negotiate prescription drug prices, the Congressional Republican plan would put Medicare – in addition to Social Security, Medicaid, the Affordable Care Act and other critical programs for American families – on the chopping block every five years.
"Tax the rich" slogan was bound to appear in this nonsense. Raising taxes does nothing to fight inflation. The money supply was increased and the economy was artificially stimulated during the COVID lockdowns and the ramifications were predictably high inflation rates. The cost of raw goods does not change despite what the tax rate is. Manufacturers and producers still have to pay elevated costs to produce their goods, and those costs are passed down to the consumer.
We know this because the PPI has sharply increased over the last two years:
https://fred.stlouisfed.org/series/PPIACOBlunting the Impact of Putin’s Price Hike: Addressing Putin’s price hike at the pump by releasing 1 million barrels of oil per day from the Strategic Petroleum Reserve for the next 6 months; rallying our allies to release an additional 60 million barrels of oil from other countries’ reserves; allowing E15 gasoline (which uses homegrown biofuels) to be sold this summer; and calling on Congress to make companies pay fees on idled wells and non-producing acres on Federal lands – so that companies that continue to sit on excess capacity will have to choose whether to start producing or pay a fee.
"Putin price hike," they say.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=mSteep increase in gas prices in Nov. 2020 when Biden is elected. The energy sector reacted to Biden's election win.
Lowering Energy Bills: Calling on Congress to pass clean energy and vehicle tax credits and investments that will reduce our dependence on reckless autocrats like Putin, save families an estimated $500 per year on their utility bills, and accelerate homegrown clean energy innovation – from producing more clean energy to bolstering our domestic supply chains that are critical for clean energy and clean transportation.
"Go buy a 50k USD electric vehicle."
Biden seems fixated on shilling for the green energy sector. In a time of economic crisis, I'm sure many of his voters have the wherewithal for an electric vehicle.
