What Joe Biden proposed to control highest US inflation spike since 1981

US President Joe Biden released a report stating why the fight against inflation was his top economic priority. As per the statement from the White House, the 79-year-old Democrat outlined that the current administration would do everything possible to lower prices for the American people. 

Biden noted that Congress must act urgently on the matter as well. He called on the US Congress to pass a bill to reduce the shipping costs and get it to his desk within the month, so the prices of goods can be reduced. Further, the US President called on Congress to pass legislation that would reduce families’ costs when it came to prescription drugs and electricity bills. 

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Taking cognizance of the fact deficit has come down more under the Biden administration than any other president in the history of the US, the statement urged the Congress to pass tax reforms to make the wealthiest Americans, as well as big corporations, pay their fair share, which goes a long way in easing the inflationary burden.

However, this idea floated by Biden and the White House has understandably not gone down well with the American elite. There was a recent Twitter spat on the issue involving Amazon founder Jeff Bezos. Tesla and SpaceX CEO, and the world’s richest man, Elon Musk, also addressed the 75 basis points hike in his trademark fashion using modern internet lingo. Basis points are raised to tame inflation. 

Biden, nonetheless, concluded that these are the most significant steps that can be taken to bring down inflation and noted that Congress should do what’s possible to help families and complement the Federal Reserve’s efforts to bring inflation down. 

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As per government data, the inflation in the US jumped to 8.6% in May, which is the highest spike the country has seen since 1981.