President Biden’s new strategy to fight inflation is very similar to his old strategy to fight inflation – more denial, more excuses and no solutions. Here are nine misleading allegations in his latest remarks.
CLAIM: “Republicans have no plans to bring prices down.”
FACT: If the Democrats wanted to take seriously 40 years of high inflation and the skyrocketing gas price, they would stop the gimmicks and work with the Republicans to counter rising costs by:
(More: Dems Game Out More Gas Gimmicks)
CLAIM: “Republicans want to raise taxes on 75 million American families and sunset programs like Social Security, Medicare and Medicaid.”
FACT: Washington Post assigned President three Pinocchios for this refuted allegation, noting that “no legislation has been drafted and no other Republican lawmakers have announced their support.”
CLAIM: President Biden claims to have a plan to counter inflation.
FACT: The administration has failed to deal with inflation over the past year and continues to ignore it.
- Before the crisis in Ukraine, the administration rejected inflation as “passing”.
- So, when it became clear that higher prices had come to stay, the Biden administration tried to pass the money on to anyone but themselves – from American companies and industries such as. meatpackers.
- The administration also erroneously claimed that inflation is part of one global trend – which has been rejected by the San Francisco Federal Reserve Bank.
- And reminder: claimed Biden to inflation peaked in December, but it continues to rise every month thereafter.
FACT: President Biden’s tax increases and expense bills would exacerbate inflation.
- Even Mark Zandi, the White House’s preferred economic forecast, say The Build Back Better bill will worsen inflation:
“None of these ideas will so far help to a meaningful degree and can do some harm because they can increase demand at a time when supply is limited by the pandemic and exacerbate inflation.”
CLAIM: “The president’s plan will lower the cost of child care, elderly care and the cost of prescription drugs.”
FACTS:Americans prefer the Republican approach, which lowers costs, over the Democrats’ approach to simply centralizing more power.
- According to a liberal study, the Democrats’ new childcare plan could increase childcare costs by $ 13,000 a year for middle-class families earning $ 65,000 or more depending on the state. (More: Top 5 Reasons to Oppose Democrats’ Toddler Tax)
- A recent poll showed that voters prefer Republicans’ plan to lower the cost of drugs delivered at a doctor’s office, limit drug spending on seniors and let Americans with high deductible plans pay less for certain services and prescriptions.
- Fewer voters support the Democrats’ plan to allow the federal government to negotiate drug prices for Medicare.
CLAIM: “The president’s” fix “of the” family mistake “has given more Americans access to health care.”
FACT: Democrats’ bias in health care has driven higher prices, and families have lost coverage and access to their doctors.
- Since the Affordable Care Act became law, the average price paid for health insurance (“premiums”) has increased by 143 percent between 2013 and 2019. Over 10 years, health care spending per capita has increased. increased with 28.7 per cent.
- At the same time as premiums more than doubled in the individual market, the deductible for ACA-compliant coverage also increased with an average of 35 percent – over $ 1,700 for individuals and $ 3,600 for families.
- Democrats want to make these price increases even worse with price controls in Washington that will kill 342 life-saving cures and result in less innovation, while countries like China take the lead.
CLAIM: “Businesses and the richest Americans do not pay their fair share.”
FACT: Corporate tax revenue breaks records during the Republican tax reform.
- Corporate tax revenue comes 22 percent higher than last year’s record level, according to the CBO’s latest monthly budget review.
- Corporate tax revenue is set to hit a new record $ 454 billion. The CBO had predicted in June 2017 that corporate tax revenue would hit only $ 389 billion by 2022.
- As a share of GDP, corporation tax revenue is on track to reach its highest level since 2015 (1.9 percent of GDP).
CLAIM: “Democrats want to build energy dependence and invest in the strongest fuel economy standards ever.”
FACT: Families face higher gas prices – more than $ 4 per person. gallons on average – an increase of almost 50 percent from last year – due to the Democrats’ refusal to support the expansion of our energy supply and promote energy dependence.
- President Biden’s first order killed the Keystone XL Pipeline, which contributed to the massive rise in energy prices.
- By banning new oil and gas leasing on federal land at the instigation of Green New Deal enthusiasts, President Biden attacked workers and their families by making energy less affordable.
- Democrats want to give $ 550 billion in green welfare grants away to special interests and the wealthy – literally sending state checks to the top 1 percent and the largest corporations.
- Wealthy individuals with up to $ 500,000 in income would enjoy their own green welfare, including a $ 12,500 check to purchase a luxury electric vehicle.
CLAIM: “We see record job growth and low unemployment.”
FACT: The April job report revealed that the economy lost 353,000 workers and the workforce shrank, creating more pressure for higher prices while hammering at small businesses whose optimism is declining.
STATEMENT: “Inflation is part of a global trend.”
Fact: A new analysis from the San Francisco Federal Reserve finds that US core inflation is higher than other nations – and attributes part of it to President Biden’s decision to continue unemployment bonuses and government stimulus after the pandemic subsided. (More: San Francisco Federal Reserve analysis reveals White House apologies for inflation)