US President Joe Biden is expected to unveil $ 6tn over the next decade, double his plans for big business in the economy and a bet that inflation will fall this year.
The White House budget is expected to be released on Friday after the U.S. president travels to Ohio on Thursday to defend the government’s reputation and criticize Republican criticism that higher prices and unemployment are already holding back recovery.
“With the epidemic back on track, our economy is booming: 500,000 new jobs have been created almost every month, unemployment claims are halving by half, and growing ahead of us,” Mike Donilon, one of Biden’s co-workers, wrote briefly on Thursday tomorrow before the trip to Ohio.
Biden’s reliance on financial advisers has been criticized in recent weeks by the media. come out unexpectedly on consumer prices in April, plus the slow growth of jobs due to errors in treatment labor market. This has led to a show of criticism from A Republican spending more money brings America to the recession in the 1970s.
But government officials have argued that inflation and job losses were an urgent economic activity that could be resolved soon.
“The recent economic growth we have seen will be temporary, it is not a reality,” Treasury Secretary Janet Yellen told members of the House of Representatives on Thursday. “I expect it to continue for a few months and see a rise in annual prices by the end of this year.”
Following the economic downturn this year, Biden’s management continues with plans to raise $ 4tn over a decade – in construction and human resources – plus about $ 2tn in short-term funding to help – recovery and remake what it sees as major shortcomings in the US economy .
But these are just waiting negotiations and both Republicans and Democrats on Capitol Hill. Meanwhile, the White House expects high inflation to be compared to better pay for more workers as businesses try to attract employees with better pay, especially low-income families.
Whether Biden’s economic policies appear to be doing well or not could be crucial to the Democratic expectation of continuing or expanding its grip on Congress in the next general election next year. In a statement Thursday, Donilon said in light of the vote, he still believed that the people supported the president’s views, despite facing Republican opponents.
“When Republicans criticize the President’s idea of rebuilding our economy by spending money that has already been spent on basic necessities in our country, they are criticizing what their people have been advocating for years,” he wrote. “When they oppose the President’s idea of getting the rich to pay taxes, they are attacking the American people for justice.”
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