Congress Demands IMMEDIATE ANSWERS From Biden
(LibertySociety.com) – Five Republicans from the House Oversight and Government Reform Subcommittee penned a letter to President Joe Biden on August 24, demanding he stops contributing to inflation and starts enacting policies to help struggling American families. While it’s true inflation decreased between June and July, the number is still 8.5%, causing rising prices in nearly every consumable in the US.
Details of the Letter
The correspondence starts by talking about how the authors feel the economy is in recession, as the gross domestic product (GDP) has dropped for two consecutive months. The legislators blame the current financial state of the US squarely on Biden’s shoulders. They said he’s been ignoring advice from experts and “reckless[ly] spending,” causing an economic spiral.
There are differing opinions about whether or not America is in a recession because of increases in the job market. Treasury Secretary Janet Yellen said in July the US is simply in a “period of transition” rather than a recession. She pointed to the “strong labor market” to back her point. Yellen also said she would be “amazed” if the National Bureau of Economic Research (NBER) declared the United States was in a recession.
Although the lawmaker’s letter states the NBER made such a decision, it has not. In fact, the body may not come out with an official opinion on the matter until 2023.
Regardless, the Republicans highlighted the inflation differences between the time Biden took office and today. They said the inflation rate in January 2021 was 1.4%, which is a startling difference from the percentage in July. In addition to the overarching inflationary numbers, the legislators pointed to the increased prices of food, gas, energy, and other “basic necessities.”
According to the group, Harvard Professor Larry Summers spoke out in February 2021, warning the president of the fallout from massive spending policies. Instead of heeding the expert’s words, Biden continued allowing massive legislation to pass. MSN recently reported the “spending spree” has totaled a whopping $3.8 trillion since Biden entered the White House.
The Letter Concludes
Texas Representative Michael Cloud (R), who took the lead on the letter, asked Biden to give them a “staff level briefing” on the state of the US economy by the end of August. In the meantime, the legislators want the administration to stop spending and instead provide relief to Americans suffering at the mercy of the current cost of consumerism.
Do you think the US is in a recession, or do you feel one is looming?
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