July 21, 2024

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USA | Republicans accuse Fiden’s plans of fueling inflation

USA |  Republicans accuse Fiden’s plans of fueling inflation

(Washington) US-elected Republican officials on Tuesday strongly condemned Joe Biden’s economic policy, which, according to them, could lead to higher inflation in the long run.

Two gigantic investment plans are under discussion in Congress, which could soon be adopted, and the opposition believes that the money poured into the economy by the democratic administration has already contributed to the rise in prices.

“Inflation is occupying the country […] Is drowning in money, ”Republican leader Mitch McConnell denounced at a news conference in Congress in the Senate, referring to the $ 1.9 billion aid program that Democrats have already voted on in the spring.

“The last thing we need to do is add a new tax and spending frenzy,” he added.

A majority of Democrats are rushing to find agreement on President Joe Biden’s investment plans for Thursday’s G20 meeting in Rome (Italy) and then the COP26, Glasgow International Conference on Climate. (Scotland).

“It’s not what’s happening in Glasgow, it’s what’s happening in gas prices that worries the American people,” said Senator John Dune.

“This year, Christmas and Thanksgiving will be very difficult […] This is because prices are rising for everything from groceries to petrol, ”said Bill Johnson, another elected member of the council.

Washington’s “cost”

Steve Scholes lamented at an energy conference in the Republican House of Representatives that current inflation is “caused by spending in Washington.”

“This inflation will only get worse if the extra costs and additional taxes affect families,” he added.

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Democrats have been working on two projects for 8 to 10 years: one with an investment of $ 1.2 trillion to modernize the infrastructure; The other is in support of about 2 trillion social and environmental activities.

These costs, though high, have already been largely revised downward to mobilize all sections of the Democratic Party. And an agreement could be reached this week.

Joe Biden argues that these projects will ensure long-term growth while at the same time making it possible to deeply reform the country.

According to the Biden administration, high inflation is characterized by a sustained economic recovery and strong demand.

The inflation rate is expected to remain “high until next year,” then “(improving) by half or by the end of next year,” Treasury Secretary Janet Yellen said Sunday.

But some economists point to the risk of overheating.

According to the CPI inflation index, consumer prices rose 5.4% in September.

And oil prices continue to rise, which is driven by recovery. On Tuesday they circled the highest level since 2014.