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 * 06-01-22
 * financing the future


BIDEN OUTLINES A 3-POINT PLAN TO COMBAT INFLATION: HERE’S WHAT TO KNOW AS PRICES
RISE


WHILE THE BIDEN ADMINISTRATION HAS PLOTTED OUT A FEW WAYS IT HOPES TO STYMIE
RISING PRICES, THE FED WILL LIKELY CONTINUE TO INCREASE INTEREST RATES.

President Joe Biden. [Source Images: Win McNamee/Getty]
 * 
 * 
 * 
 * 

More Like This
Apple and Harry Styles echo iconic iPod ads with a bright new campaign for
AirPods
Doja Cat, Taco Bell, Mexican pizza, and the making of a marketing unicorn
630 feet below the Earth in China, an ancient forest blooms at the bottom of a
sinkhole
By Sam Becker 2 minute Read

President Biden has acknowledged that inflation is “hurting” millions of
Americans, as prices on everything from eggs to gasoline have risen
significantly over the past year, and for numerous reasons. And though Fed
Chairman Jerome Powell has instituted an aggressive series of interest rate
hikes to combat rising prices, it has, so far, not had a huge effect. In April,
the Consumer Price Index (CPI) was up 8.3% year-over-year, which was a decrease
from the 8.5% it gauged in March.




Still, Americans are wondering what, exactly, Biden plans to do to get inflation
under control and the economy back on track. In an op-ed published in the Wall
Street Journal on May 30, Biden wrote that inflation is in his administration’s
crosshairs. “The most important thing we can do now to transition from rapid
recovery to stable, steady growth is to bring inflation down. That is why I have
made tackling inflation my top economic priority,” Biden writes.

He also outlined a loose, three-part plan to do the tackling, which comprises:

 * Letting the Fed take the reins
 * Lowering prices by fixing supply chains and “cracking down” on shipping costs
 * Reducing the federal deficit to ease upward price pressures

Biden was also quick to lay blame at the feet of Russia, his predecessor (who
did, to be fair, pressure the Fed, and Powell, into keeping interest rates low),
and Congressional Republicans, as it’s becoming increasingly clear that
inflation is going to be one of the top issues, if not the top issue, on the
minds of voters during this November’s midterm election cycle. A recent report
from the Congressional Budget Office shows that the nonpartisan office expects
inflation to persist throughout the year, and projects inflation to top 4.7% for
2022—down from around 7% in 2021, but still far higher than the 2% that the Fed
aims for.

advertisement



Though Biden has outlined some steps to tame prices—albeit nothing concrete—it’s
hard to say just how much of a comfort that will be to the American people,
especially as the administration and Fed have repeatedly miscalculated how much
of a headache inflation could become. Treasury Secretary Janet Yellen recently
said that she “was wrong” when she said that inflation only posed a “small risk”
back in 2021, during an interview with CNN, for example.

Biden also met with Powell on Tuesday to discuss the Fed’s plan to address
inflation—something that he was previously reluctant to do, given the optics of
President Trump’s public dressing-down of the Fed—and maintained that he would
“respect the Fed and respect the Fed’s independence.”

While the Biden administration has plotted out a few ways it hopes to stymie
rising prices, the Fed will likely continue to increase interest rates. That may
not sound like a robust plan to many Americans, but it’s more or less the same
playbook the Fed ran during the 1980s, the last time inflation was a top-of-mind
issue for most Americans. During that time, the CPI topped out at more than 14%
in 1980.



One thing the Biden administration does have working for it is a low
unemployment rate, which was 3.6% in April. For most of the early 1980s,
unemployment rates were above 7%, and even above 10% for a stretch in 1982 and
1983. Despite that, Biden still faces some tough decisions about what actions to
take or not take to get prices under control before the midterms.

Even so, inflation rates should recede this year and into next year.
Unfortunately, for Biden, he’ll likely end up eating the political cost before
his plans, and the Fed’s rate hikes, have a chance to tame inflation.





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Better.com's viral leaked video: Digging into the mismanaged layoff of over
3,000 employees

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IMPACT

Impact


TO HELP DISPLACED UKRAINIANS, A NEW CAMPAIGN WILL SEND THOUSANDS OF BIKES TO
LVIV

Impact


HE QUIT GOOGLE TO WORK ON CLIMATE CHANGE. NOW, HE’S HELPING OTHERS DO THE SAME
THING

Impact


HOW MUCH COULD RENEWABLE SOURCES LIKE SOLAR AND THERMAL SHAPE OUR FUTURE ENERGY
NEEDS?


NEWS

News


COULD HARSH PARENTING MAKE CHILDREN HYPERACTIVE? HERE’S WHAT BEHAVIORAL RESEARCH
SAYS

News


630 FEET BELOW THE EARTH IN CHINA, AN ANCIENT FOREST BLOOMS AT THE BOTTOM OF A
SINKHOLE

News


TOBACCO COMPANIES SAY THEY DON’T ADVERTISE TO CHILDREN, BUT THIS DAMNING REPORT
SUGGESTS OTHERWISE


CO.DESIGN

Co.Design


IS A MASS TIMBER CONSTRUCTION BOOM COMING TO AMERICA?

Co.Design


18% OF OFFICES ARE VACANT. HERE’S A BRILLIANT IDEA FOR HOW TO USE THAT SPACE

Co.Design


AIR TRAVEL HAS CHANGED DRAMATICALLY. THESE DELTA TERMINALS GOT A $12 BILLION
UPGRADE TO KEEP UP


WORK LIFE

Work Life


EXCLUSIVE: MODERN FERTILITY ANNOUNCES A NEW CAMPAIGN FEATURING FEMALE ATHLETES

Work Life


A TEAM SHAKEUP REQUIRES AN OPEN CULTURE. HERE’S HOW TO BE MORE CANDID

Work Life


WHY THIS LEADER IS TOTALLY COOL WITH HIS TOP PLAYERS MOVING ON

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FAST COMPANY

Follow
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Login
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 * Work Life
 * News
 * Impact
 * Podcasts
 * Video
 * Recommender
 * Innovation Festival 360IF360
 * Subscribe
 * 
 * FastCo Works
    * AWS
    * Genpact
    * IBM


 * HOMEPAGE


 * CO.DESIGN


 * TECH


 * WORK LIFE


 * NEWS


 * IMPACT


 * PODCASTS


 * VIDEO


 * RECOMMENDER


 * INNOVATION FESTIVAL 360


 * SUBSCRIBE

Help Center
fastco works


 * AWS


 * DELOITTE


 * DEPT


 * ELEVATE PRIZE


 * EY


 * IBM


 * KLARNA


 * VISA


 * FASTCO WORKS
   
   An award-winning team of journalists, designers, and videographers who tell
   brand stories through Fast Company's distinctive lens

FC Executive Board
collections


 * FAST GOVERNMENT
   
   The future of innovation and technology in government for the greater good


 * MOST INNOVATIVE COMPANIES
   
   Fast Company's annual ranking of businesses that are making an outsize impact


 * MOST CREATIVE PEOPLE
   
   Leaders who are shaping the future of business in creative ways


 * WORLD CHANGING IDEAS
   
   New workplaces, new food sources, new medicine--even an entirely new economic
   system


 * INNOVATION BY DESIGN
   
   Celebrating the best ideas in business

Newsletter
Events


 * INNOVATION FESTIVAL

Courses and LearningAdvertiseCurrent Issue
Current Issue
SUBSCRIBE
Follow us:

advertisement

advertisement

 * 06-01-22
 * financing the future


BIDEN OUTLINES A 3-POINT PLAN TO COMBAT INFLATION: HERE’S WHAT TO KNOW AS PRICES
RISE


WHILE THE BIDEN ADMINISTRATION HAS PLOTTED OUT A FEW WAYS IT HOPES TO STYMIE
RISING PRICES, THE FED WILL LIKELY CONTINUE TO INCREASE INTEREST RATES.

President Joe Biden. [Source Images: Win McNamee/Getty]
 * 
 * 
 * 
 * 

By Sam Becker 2 minute Read

President Biden has acknowledged that inflation is “hurting” millions of
Americans, as prices on everything from eggs to gasoline have risen
significantly over the past year, and for numerous reasons. And though Fed
Chairman Jerome Powell has instituted an aggressive series of interest rate
hikes to combat rising prices, it has, so far, not had a huge effect. In April,
the Consumer Price Index (CPI) was up 8.3% year-over-year, which was a decrease
from the 8.5% it gauged in March.

advertisement

advertisement



Still, Americans are wondering what, exactly, Biden plans to do to get inflation
under control and the economy back on track. In an op-ed published in the Wall
Street Journal on May 30, Biden wrote that inflation is in his administration’s
crosshairs. “The most important thing we can do now to transition from rapid
recovery to stable, steady growth is to bring inflation down. That is why I have
made tackling inflation my top economic priority,” Biden writes.

He also outlined a loose, three-part plan to do the tackling, which comprises:

 * Letting the Fed take the reins
 * Lowering prices by fixing supply chains and “cracking down” on shipping costs
 * Reducing the federal deficit to ease upward price pressures

Biden was also quick to lay blame at the feet of Russia, his predecessor (who
did, to be fair, pressure the Fed, and Powell, into keeping interest rates low),
and Congressional Republicans, as it’s becoming increasingly clear that
inflation is going to be one of the top issues, if not the top issue, on the
minds of voters during this November’s midterm election cycle. A recent report
from the Congressional Budget Office shows that the nonpartisan office expects
inflation to persist throughout the year, and projects inflation to top 4.7% for
2022—down from around 7% in 2021, but still far higher than the 2% that the Fed
aims for.

advertisement

advertisement


Though Biden has outlined some steps to tame prices—albeit nothing concrete—it’s
hard to say just how much of a comfort that will be to the American people,
especially as the administration and Fed have repeatedly miscalculated how much
of a headache inflation could become. Treasury Secretary Janet Yellen recently
said that she “was wrong” when she said that inflation only posed a “small risk”
back in 2021, during an interview with CNN, for example.

Biden also met with Powell on Tuesday to discuss the Fed’s plan to address
inflation—something that he was previously reluctant to do, given the optics of
President Trump’s public dressing-down of the Fed—and maintained that he would
“respect the Fed and respect the Fed’s independence.”

While the Biden administration has plotted out a few ways it hopes to stymie
rising prices, the Fed will likely continue to increase interest rates. That may
not sound like a robust plan to many Americans, but it’s more or less the same
playbook the Fed ran during the 1980s, the last time inflation was a top-of-mind
issue for most Americans. During that time, the CPI topped out at more than 14%
in 1980.

advertisement


One thing the Biden administration does have working for it is a low
unemployment rate, which was 3.6% in April. For most of the early 1980s,
unemployment rates were above 7%, and even above 10% for a stretch in 1982 and
1983. Despite that, Biden still faces some tough decisions about what actions to
take or not take to get prices under control before the midterms.

Even so, inflation rates should recede this year and into next year.
Unfortunately, for Biden, he’ll likely end up eating the political cost before
his plans, and the Fed’s rate hikes, have a chance to tame inflation.


advertisement

advertisement

advertisement

advertisement






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IMPACT

Impact


TO HELP DISPLACED UKRAINIANS, A NEW CAMPAIGN WILL SEND THOUSANDS OF BIKES TO
LVIV

Impact


HE QUIT GOOGLE TO WORK ON CLIMATE CHANGE. NOW, HE’S HELPING OTHERS DO THE SAME
THING

Impact


HOW MUCH COULD RENEWABLE SOURCES LIKE SOLAR AND THERMAL SHAPE OUR FUTURE ENERGY
NEEDS?


NEWS

News


COULD HARSH PARENTING MAKE CHILDREN HYPERACTIVE? HERE’S WHAT BEHAVIORAL RESEARCH
SAYS

News


630 FEET BELOW THE EARTH IN CHINA, AN ANCIENT FOREST BLOOMS AT THE BOTTOM OF A
SINKHOLE

News


TOBACCO COMPANIES SAY THEY DON’T ADVERTISE TO CHILDREN, BUT THIS DAMNING REPORT
SUGGESTS OTHERWISE


CO.DESIGN

Co.Design


IS A MASS TIMBER CONSTRUCTION BOOM COMING TO AMERICA?

Co.Design


18% OF OFFICES ARE VACANT. HERE’S A BRILLIANT IDEA FOR HOW TO USE THAT SPACE

Co.Design


AIR TRAVEL HAS CHANGED DRAMATICALLY. THESE DELTA TERMINALS GOT A $12 BILLION
UPGRADE TO KEEP UP


WORK LIFE

Work Life


EXCLUSIVE: MODERN FERTILITY ANNOUNCES A NEW CAMPAIGN FEATURING FEMALE ATHLETES

Work Life


A TEAM SHAKEUP REQUIRES AN OPEN CULTURE. HERE’S HOW TO BE MORE CANDID

Work Life


WHY THIS LEADER IS TOTALLY COOL WITH HIS TOP PLAYERS MOVING ON

 * Advertise
 * Privacy Policy
 * Terms
 * Notice of Collection
 * Do Not Sell My Data
 * Permissions
 * Help Center
 * About Us
 * Site Map
 * Fast Company & Inc © 2022 Mansueto Ventures, LLC
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