The Biden Administration is being called out once again for its lack of a plan to fight inflation. On Thursday, the Federal Reserve announced that it was raising interest rates another 50 basis points in an effort to combat the Bidenflation that has been wreaking havoc on the American economy.
The move was slammed by Republicans, who called it “dangerous” and a “slap in the face to working families,” saying it could further weaken the economy. “Biden’s answer to inflation is to raise the cost of borrowing money and increase the cost of living for the already burdened middle class,” said Republican Senator Marsha Blackburn. “This move will only make things worse for families who are already struggling to make ends meet.”
Other Republicans echoed her sentiments, with House Minority Leader Kevin McCarthy saying, “The Biden Administration’s answer to inflation is to raise taxes, increase government spending, and now, raise interest rates. This is an irresponsible policy that will do more harm than good.”
The Federal Reserve’s decision was made in response to the rapid rise in inflation, which has been fueled by a combination of the pandemic, supply chain disruptions, and the ongoing conflict in Ukraine.
The Biden Administration has been slow to respond to the crisis, and Republicans have been quick to point out its lack of a plan to address the issue. “The Biden Administration has no plan to address the root causes of inflation, nor do they have a plan to protect the American people from the consequences of Bidenflation,” said Republican Senator Mike Rounds. “The Biden Administration has had 15 months to make a plan, but instead, they’ve chosen to ignore the issue and let the American people suffer,” he continued.
The Biden Administration has responded to the criticism by saying they have taken steps to address the issue. “We have taken action to boost supply, reduce demand, and support American families, businesses, and workers as they navigate our economic recovery,” said White House Press Secretary Jen Psaki. “The Federal Reserve’s decision to raise interest rates is part of our overall strategy to fight inflation,” she continued.
The Biden Administration has yet to put together a comprehensive plan to address the issue of inflation, and Republicans have vowed to do what they can to push them to do so. “We will continue to press the Biden Administration to come up with a real plan to address inflation and to protect American families,” said Senator Rounds.