Published May 31, 2022
President Biden has finally laid out his plan to fight inflation. But the strategy demonstrates what many have long suspected: He doesn’t have a clue what to do about rising prices.
Biden’s plan, revealed in an op-ed for the Wall Street Journal, has three parts. First, let the Federal Reserve do its job. Second, enact a series of micro reforms to bring down prices in discrete economic segments, such as housing, prescription drugs and freight transport. Third, bring down the federal deficit by raising taxes on corporations and the rich.
Henry Olsen is a Washington Post columnist and a senior fellow at the Ethics and Public Policy Center.