The Biden administration is trying to emphasize to voters that it's maximizing efforts to bring prices under control as inflation hovers near a 40-year high.
, wrote an op-ed in the Wall Street Journal about his plan to tackle higher prices and sent his top lieutenants, including Treasury Secretary Janet Yellen, across cable news to tout his plan.
"My plan is to address inflation. That starts with a simple proposition: Respect the Fed, respect the Fed’s independence, which I have done and will continue to do," Biden said. The meeting is just part of a months-long blitz planned by the White House, designed to emphasize the historic level of job creation and the low unemployment rate during Biden's first 17 months in office, as well as plans to put more money into Americans' pockets.
Most economists now expect elevated prices to persist throughout the year, worsening the political headache for both Biden and the Fed. When price increases continued, even as Democrats expected them to slow, the White House pivoted and started arguing that Democrats' massive Build Back Better spending bill would help address cost pressure. But Sen. Joe Manchin, D-W.Va., has squashed that legislation, leaving Democrats spinning to find another defense against inflation."I think I was wrong then about the path that inflation would take," Treasury Secretary Janet Yellen said Tuesday during an interview on CNN.
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