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President Biden Doesn’t Have a Plan to Fight Inflation

May 31, 2022

In an op-ed for the Wall Street Journal, President Biden touted a so-called “new plan” to address 40-year high inflation, which doubles down on crippling tax hikes and more inflationary spending.

As the White House attempts to rework their messaging on inflation to regain Americans’ confidence, even Politico’s Playbook warned that the President’s efforts could be seen as “tone-deaf” writing:

“While the President’s op-ed purports to lay out a plan for addressing inflation, a close read shows that he actually seems to be pushing the burden off on others…”

President Biden and congressional Democrats are out of touch with the challenges American families face. Here’s how his so-called “new plan” will make inflation worse.

PART ONE: “First, the Federal Reserve has a primary responsibility to control inflation.”

REALITY: The Federal Reserve has already taken too long to address inflation, and President Biden is putting it entirely on the central bank. In fact, the Administration has a troubling pattern of playing the blame game for higher prices in their failure to address inflation.

  • President Biden claimed that inflation peaked in December, but it has continued to rise every month afterwards. 
  • Before the crisis in Ukraine, the Administration dismissed inflation as “transitory.”
  • When it became obvious higher prices were here to stay, the Biden Administration attempted to pass the buck onto everyone but themselves – even  American businesses and industries like meatpackers.

READ: Fact Check: It’s Bidenflation, Not Putinflation

PART TWO: “Second, we need to take every practical step to make things more affordable for families during this moment of economic uncertainty—and to boost the productive capacity of our economy over time.” 

REALITY: President Biden’s “Build Back Better” agenda will make inflation worse, slow our economy, worsen our debt, kill U.S. jobs, and cut workers’ paychecks.

READ: ONE PAGER: If Fighting Inflation is Dems’ Top Priority, Why Won’t They Work With GOP?

PART THREE: “Third, we need to keep reducing the federal deficit, which will help ease price pressures. […] My plan would reduce the deficit even more by making common-sense reforms to the tax code.”

REALITY: President Biden wants to raise taxes to increase spending (including special carveouts for the wealthy)–which would actually add to the deficit. 

  • Analysis from the CBO and Joint Committee on Taxation found that President Biden’s “Build Back Better” agenda would add $3 trillion to the deficit. 
  • CBO found that corporate tax revenue is set to hit a new record of $454 billion after Republican tax reform – showing that Democrats’ fear-mongering about lower taxes was unfounded.  
  • Democrats are pushing an $80 billion bank surveillance scheme targeting farmers, families, and small businesses. President Biden is calling for a supercharged IRS to go after working families and Main Street businesses, while promising tax giveaways to wealthy Americans.

READ: Fact Check: Americans Need Solutions to Inflation, Not Higher Taxes


READ: Fact Check: Debunking Six Misleading Inflation Claims

READ: Fact Check: Nine Misleading Claims in President Biden’s Inflation Denial

READ: No, Mr. President Your Policies Have Not “Helped” The Economy