US President Joe Biden sees rising inflation in the United States as a temporary phenomenon. At the same time, he made it clear that it was not the White House but the Federal Reserve that would decide the currency devaluation. 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 stagnating. Biden agrees. “Unverified inflation will be a big long-term challenge, 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 the additional cost will create new businesses and therefore more competition, which will reduce prices.
Biden also denounced the so-called ‘economic deception’. This economic theory, especially popular among Republicans for decades, is based on tax benefits for the rich, who then spend more, thus ending up with lower-income Americans. “It’s time for the government to start working for all Americans again,” he said.
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