Biden Argues Massive Government Spending Will Help Fend Off Inflation, Not Exacerbate It

uTN Social - Free Speech Social Media

President Joe Biden delivers remarks on the economy from the White House in Washington, D.C., July 19, 2021.
(Jonathan Ernst/Reuters)

President Biden argued that a massive influx of government spending bill will help fend off inflation, in a speech on the state of the economy at the White House on Monday.

The White House has dubbed the $1.2 trillion bipartisan infrastructure bill that Senate Majority Leader Chuck Schumer plans to bring to the floor this week — and the $3.5 trillion budget resolution that Democrats plan to pass in the coming days without Republican support — the “Build Back Better” package. Biden said Monday that the two bills will help prevent, rather than exacerbate, runaway inflation.

Advertisement

“Whatever different views people have about the current price increases, we should be united in one thing: passage of the bipartisan infrastructure framework, which we shook hands on,” Biden said. “And my Build Back Better Plan will be a force for achieving lower prices for Americans looking ahead.”

“If your primary concern is about inflation, you should be even more enthusiastic about this plan,” Biden said. “We can’t afford not to make these investments.”

NR Daily is delivered right to you every afternoon. No charge.

Get Jim Geraghty’s tour of the political news of the day.

Get Kevin D. Williamson’s newsletter delivered to your inbox each Tuesday.

A weekly digest on business and economics from an NR sensibility.

During a question and answer session with reporters, Biden dismissed predictions of high inflation.

“There’s nobody suggesting unchecked is on its way,” Biden said. “No serious economist.”

Former treasury secretary Larry Summers warned in March that Biden’s $1.9 trillion coronavirus relief bill was “the least responsible fiscal macroeconomic policy we’ve have had for the last 40 years,” in an interview with Bloomberg TV. However, Summers has backed some investments in infrastructure.

“The investments on which Biden is focused are essential to the future of the country,” Summers told Politico last week. “Inflation fears should shape economic policies but it would be tragic if they stopped us from making urgently needed public investments.”

Send a tip to the news team at NR.

Recommended


Biden’s ‘Double Death Tax’

The White House is proposing what would amount to a second estate tax. The one we already have is bad enough.


An Olympic Weightlifter Speaks Out on the Participation of Transgender Athletes in Women’s Sports

There are two sides to every story, and Tracey Lambrechs is here to tell the other.


American Men Suffer a Friendship Recession

American men have fewer friends than in decades past. We should dedicate time to fostering friendships. They provide an immediate and enduring reward.


Lindsey Graham Is an Idiot

Democrats are treating the infrastructure and reconciliation bills as linked, and so should Republicans and everybody else.


The Problems with Laurel Hubbard’s Qualifying for the Olympics as a Woman

The New Zealand weightlifter, who was born and competed as a male, has clear advantages over female competitors.


The Kids Are Not Alright: Chaos at the College Republican National Committee

College Republican chapters all over the country claim they are being disenfranchised by a president seeking to consolidate power.

The Latest


Ben & Jerry’s Will Cease Ice Cream Sales in West Bank, East Jerusalem

Vermonters for Justice in Palestine joined with another activist group, Decolonize Burlington, to pressure Ben & Jerry’s.


Trump Labels McConnell ‘a Stupid Person’ for Refusing to Eliminate Filibuster

‘I don’t think he’s smart enough,’ Trump said of McConnell.


Biden Admin Blames China for Microsoft Email Hack

The announcement did not include any new sanctions.


Letter Points to Meddling in College Republican Race by Outgoing Chairman

A letter obtained exclusively by NR backs up the claims of CRNC chapters who say they were disenfranchised by leadership.


The Only Good Soros Prosecutor Is a Defeated Soros Prosecutor

The criminal-justice system has become the criminal’s justice system in cities across America.


Did We Really Mean Never Again? The World Doesn’t Look Like We Did

International religious-freedom gathering brings ongoing religious persecution to light.

Top Stories

Get breaking news, with NR’s unfiltered reporting, delivered straight to your inbox


Most Popular


Is COVID China’s Chernobyl?


Is COVID China’s Chernobyl?

As we experience the pandemic’s toll on the world, we can speculate about its implications for the Chinese regime.


Biden’s ‘Double Death Tax’


Biden’s ‘Double Death Tax’

The White House is proposing what would amount to a second estate tax. The one we already have is bad enough.


Welcome Back, Carter


Welcome Back, Carter

Crime and inflation spiking? An ineffectual Democrat in the White House? It feels like we’ve seen this movie before . . .


View More

Read More Feedzy

The Foxhole App - Trusted News Podcasts

Leave a Reply

Your email address will not be published. Required fields are marked *