‘Get out of the way’: Is Sen. Scott right Biden should resign over inflation crisis?
- On May 11, 2022, on “Fox & Friends,” Senator Rick Scott asserted that President Biden should resign amidst spiking inflation rates saying, “Let’s be honest. We know that Joe Biden cannot fix this economy. Alright, get out of the way, let somebody else do it.”
- The White House released a press briefing on May 10, 2022 noting, “President Biden has a plan to tackle inflation - by lowering costs that families face and lowering the federal deficit by asking the large corporations and the wealthiest Americans to pay their fair share.”
- The annual inflation rate reached 8.3% in April 2022, the highest since 1982, with gasoline, shelter, and food as the largest contributors.
- The US national debt was over $30.37 trillion in April 2022, which was $2.22 trillion more than the year before. Even with policy changes, the debt is only expected to increase over the next decade.
- President Biden placed a ban on Russian oil and energy imports on March 8, 2022, with Britain issuing a phase-out ban by the end of 2022. Since Russia’s invasion of Ukraine, oil prices have increased to the highest recorded average price at $4.404 by May 11, 2022.
Senator Rick Scott is right; President Biden should resign over the inflation crisis. Record-high inflation has affected every single American with no correction in sight. The Biden administration misjudged the solutions needed to financially recover from COVID, which resulted in a great mishandling and mismanagement of spending policies that have increased and blown inflation to the out-of-control rate seen today.
Spending trillions of taxpayer dollars to reach a 'supercharged recovery,' the Biden administration never considered how recklessly blowing dollars into the economy, which causes the raised prices of goods, would negatively affect the economy. Another predictably bad effect of printing and spending mountains of money during the pandemic, other than seeing raised prices in goods, is that it has produced the exorbitantly high-interest rates available today.
As most nations reported rising inflation in 2021, the Biden administration never understood how their policies would exacerbate the matter, despite economist warnings. The government has even recently raised interest rates again to counter inflation. Clearly, the Biden administration has failed miserably and miscalculated. Further, the administration's energy policies are causing high gas prices because of the crackdown on the oil and gas industry with new regulations. In addition to Biden's policies that have clearly contributed to inflation, the president seems to be in cognitive decline, often appearing confused and incoherent. In this instance, he said Senator Scott was from Wisconsin instead of Florida. Biden's performance will continue to be unsettling and his policies will continue to hurt Americans until there is enacted change.
Frankly, there is very little that any president can do to lower inflation. The most powerful institution with the most leverage in the battle against inflation is the federal reserve, over which the president has no power. Senator Scott knows this and is being disingenuous to suggest that the president can somehow single-handedly fix the problem or that, if in power, Republicans would somehow have a silver bullet. In fact, Senator Scott proposed a plan to increase taxes for over half of all Americans who do not currently pay any tax due to not meeting income minimums. Let's be clear; Senator Scott is suggesting raising taxes on the many Americans who are struggling with rising prices. Incidentally, this plan was immediately disavowed by the Republican leadership. Clearly, Senator Scott doesn't have a good grasp on how to fix the problem either.
Inflation is a difficult issue to tackle, and it's not surprising that there are bumps in the economy after an unprecedented shutdown, supply chain disruptions, and spiking fuel prices due to Russian aggression. Inflation is happening in nations around the globe, further proving that the American president has virtually no role in reigning it in. To fully combat this issue, we need leaders who are willing to work together, not ones like Senator Scott, who seems content to practice obstructionism while at the same time complaining that enough isn't being done. Instead of playing politics and trying to score cheap points, Senator Scott should develop innovative and bold new ideas to address the many problems in our society, such as inflation. Sadly, this Senator seems only capable of unwarranted personal attacks and unhelpful media grandstanding.