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Politics: Biden’s View On What Is Causing Inflation

POLITICS: Biden’s View on What Is Causing Inflation

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(RightWing.org) – President Joe Biden recently hit the campaign trail. On it, he’s been bragging about the success of “Bidenomics” despite recent concerns that a downturn could lead to a recession in the not-so-distant future. Nevertheless, he’s trying to put on a happy, if not sleepy, face while trying to convince voters he isn’t causing inflation.

Biden recently sat down for an interview with Nexstar Media that aired on April 16. The president readily conceded to host Reshad Hudson that inflation was being “stubborn” and refusing to drop to the appropriate level the country needs. However, he quickly followed up by stating that the nation’s economy was “significantly different” than in the past. (Note: that doesn’t necessarily mean it’s any better — just that it has changed.)

Continuing, Biden said the little things like “all these junk fees” that add up to “big numbers” for hard-working Americans.

To be fair, the White House recently released a guide for the 50 states, Washington DC, and US territories to use to crack down on junk fees. For those unfamiliar with the term, it refers to hidden costs passed on to consumers that inflate prices while providing limited value, if any.

However, economists and academics typically don’t support the premise that junk fees are a primary driver of inflation. Instead, factors such as production costs, supply and demand dynamics, and monetary policies increase the country’s inflationary figures.

Yes, junk fees can increase the cost of certain products and services in the banking, travel, and real estate industries. However, those added expenses have more to do with sector-specific pricing than the nation’s inflation rate.

The Biden campaign made the rounds of mainstream media outlets in recent months, touting the president’s efforts to take on junk fees. However, news organizations question whether voters would even notice any financial gains considering the overwhelming burden of other rising costs for necessities like gas and groceries.

Ultimately, the voters will have the final say during the November presidential election.

Copyright 2024, RightWing.org





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