Political parties blame each other for economic, inflation issues
WASHINGTON, D.C. - According to the U.S. Labor Department, almost half a million jobs were created in April. Even with this good news, we’re still dealing with inflation issues. There’s an economic blame game happening at our nation’s capital.
The Federal Reserve raised its main interest rate by point five percent for the first time in nearly 20 years to help slow down the rise in inflation.
"Inflation imposes significant hardship, especially on those least able to meet the higher cost of essentials like food, housing and transportation," said Federal Reserve Chairman, Jerome Powell.
Now the Biden administration is turning their attention to the deficit.
“We reduce federal borrowing and we help combat inflation,” said President Joe Biden. “This week my administration released new information that contains that really track to cut the federal deficit by another $1.5 trillion by the end of this fiscal year. The biggest decline in a single year ever in American history.”
The Biden administration and democrats blame global factors for causing inflation issues, like the war in Ukraine and China's COVID restrictions impacting supply chains. Biden also blames former president Trump for increasing the deficit, but republicans are blaming Biden for economic issues.
“The Biden administration pursued policies that constrained supply of goods and services while at the same time massive overspending that increased demand a combination of less supply and more demand is always guaranteed to elevate prices,” said Sen. Pat Toomey (R- PA). “We should in congress focus on a few areas where we could make real progress. First of all, embrace the goal of restoring America's energy independence; cut through the jungle of red tape that slows down the production throughout the supply side of our economy; eliminate government created barriers to Americans working and saving and increase opportunities to expand trade and have the lower costs that benefit from that.”
According to new data from the Labor Department, 428,000 jobs have been created in April. The Labor Department said the leisure, hospitality, manufacturing, transportation and warehousing industries saw the most job gains. Even with this growth, we are less than one percent away from reaching pre-pandemic employment levels.