My Top Domestic Priority”: President Biden is Tackling Inflation Head-On

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NYT: “Biden Says Inflation Is His ‘Top Domestic Priority’ and Lashes Out at G.O.P. Plan”

WASHINGTON, D.C. — President Biden’s economic policies have boosted job growth to record levels and fueled small business creation, strengthening our historic recovery. But as today’s CPI report shows, Putin’s invasion of Ukraine continues to impact gas and energy prices here at home. That’s why President Biden has worked to ensure the United States accelerates its energy production, including putting the U.S. on track to produce a record amount of oil, and is fighting for his plan to lower the cost of essentials like health care, prescription drugs, and energy bills for American families – a plan fully paid for by ensuring that big corporations and the ultra wealthy pay their fair share. The MAGA party, on the other hand, is offering no solutions to cut costs and instead has called for raising taxes on working Americans, eliminating Affordable Care Act protections, and putting Medicare and Social Security on the chopping block.

“Lowering inflation is President Biden’s top priority – he understands the pain families are feeling because he’s been there, and he’s using every tool at his disposal to bring down prices,” said Building Back Together Executive Director Danielle Melfi. “From historic releases of oil from our Strategic Petroleum Reserves, to tackling supply chain issues, to reducing the deficit by over $1.7 trillion this year alone, the president is leading the fight against inflation on behalf of working families. And as we build on the historic economic progress we’ve already made under President Biden’s leadership, he’s pushing for his plan to further lower the cost of essentials like prescription drugs, child and elder care, housing, education, and more.”

Thanks to President Biden’s leadership, our recovery from the pandemic continues to be historic:

  • During President Biden’s first year in office, the American economy created more manufacturing jobs on average per month than any other president in the last 50 years. 
  • The number of Americans on unemployment insurance is at its lowest level since 1970.
  • Companies continue to invest in American manufacturing, which is strengthening our supply chains, lowering costs for working families, and helping to secure our energy independence.
  • Because of the strong economic growth we’re experiencing under President Biden’s leadership, Social Security and Medicare will now be fully funded through 2034 – a year longer than previously expected.
    • The MAGA agenda, on the other hand, threatens to end Social Security and Medicare by putting these critical programs on the chopping block every five years. 

As Putin’s war in Ukraine impacts prices here at home, President Biden is working to ease the pain at the pump.

  • The President has directed the release of a million barrels of oil each day from the Strategic Petroleum Reserve – the largest release in history.
  • President Biden has also taken steps to investigate price gouging by oil companies to ensure corporations don’t take advantage of consumers while ranking in record profits for themselves.
  • The Biden-Harris Administration continues to work to accelerate domestic energy production to bring down prices for families.

President Biden is also fighting for his plan to lower the cost of everyday essentials.

  • President Biden’s plans will cut costs for American families, and are fully paid for by making sure that the ultra wealthy and big corporations pay their fair share in taxes.
  • His plan lowers the cost of housing, health care and prescription drugs, energy bills, child care and elder care, and more.
  • Republicans in Congress continue to oppose these critical measures to bring down costs for everyday families.

While President Biden is fighting to build our economy from the bottom up and the middle out, the MAGA agenda means raising taxes for small business owners, threatening Social Security and Medicare, and hiking the cost of essentials like prescription drugs.

  • The MAGA agenda would raise taxes on middle class families – including on half of small business owners.
  • MAGA extremists also oppose President Biden’s fully-paid-for plan to cut costs for American families – after having voted for the previous administration’s tax giveaway, which gives 83% of benefits to the top 1%.
  • The dangerous MAGA agenda would raise costs for families, threaten our economic recovery, and weaken the middle class. 
  • President Biden has a very different approach, one that will build on our historic recovery and put more money in the pockets of working class Americans.

Since he took office, President Biden has led the most significant economic recovery in our history – from record job creation to historic infrastructure investments – and he continues to fight for his plan to lower costs for American families.