US President Joe Biden sees rising inflation in the United States as a temporary phenomenon. At the same time, he clarified that it is not the White House that decides on currency devaluation, but the Federal Reserve. Biden said he reaffirmed the independence of the US Federal Reserve when he spoke with Central Bank President Jerome Powell.
Inflation is currently rising rapidly in the United States. As central bank policymakers say, the economy begins to rise appropriately, sometimes after almost stagnation. Biden agrees. “Inflation will be a big challenge in the long run without being checked, but I believe it is not now,” the president said.
Along with the comments, Biden addresses criticism from Republicans who believe the president’s economic support and infrastructure plans will heat up the economy. Those plans will also lead to widespread inflation. However, Biden believes that the extra cost will create new businesses and therefore more competition, which will reduce prices.
Biden also denounced the so-called ‘economic deception’. This economic theory, which has been particularly popular among Republicans for decades, is based on tax breaks for the very rich, who then spend more, thus ending up with lower-income Americans. According to him, “it is time for the government to start working for all Americans again.”
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