Headline RoundupJune 10th, 2022

What Can Be Done To Stop Inflation?

Summary from the AllSides News Team

Inflation accelerated to 8.6% in May, spurred by rising gas, food and transportation prices. What can be done to stop this trend and prevent a recession?

Speaking at the Port of Los Angeles on Friday, President Joe Biden framed inflation as a global problem exacerbated by “Putin’s price hike.” Inflation is indeed global — India is facing 7.79% inflation, and the U.K.’s central bank is expected to raise interest rates to fight 9% inflation. The Federal Reserve has raised interest rates to fight inflation in the U.S., although experts worry that raising rates too quickly could trigger a recession

While Biden has released a plan to fight inflation, some have described price increases as an impossible “problem from hell” for the president’s administration. House Democrats advanced a bill to crack down on suspected price gouging, and Republicans have called for pumping more U.S. oil and reducing federal spending. Some states like Utah, Indiana and New York have cut taxes to alleviate the burden of inflation. Outside of U.S. politics, China recently relaxed some of its COVID-19 lockdowns, and OPEC+ agreed to pump 50% more oil in July and August. 

Perspectives on inflation almost always focused on criticizing the other side; voices from the left often framed Republicans as not having a real plan to fight inflation, and voices from the right accused Biden of “pointing fingers” to avert blame.

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