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Seeing That 'Americans Are Anxious,' Biden Takes Aim At Rising Inflation - YouTube
Channel: MSNBC
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president biden plans to discuss high
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inflation in a meeting later today with
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federal reserve chairman jerome powell
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the meeting comes at a time when prices
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are rising quickly on everything from
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gasoline and food to housing this is the
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first time the two are meeting since
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powell was confirmed to another
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four-year term
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as chairman of the central bank the fed
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has faced some criticism for being slow
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to address inflation which president
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biden has tapped as his top economic
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priority meanwhile the president has
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outlined a three-part plan to tackle
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inflation in a new piece this morning
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for the wall street journal he writes
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quote americans are anxious i know that
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feeling i grew up in a family where it
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mattered when the price of gas or
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groceries rose my plan has three parts
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first the federal reserve has a primary
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responsibility to control inflation i
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have appointed highly qualified people
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from both parties to lead that
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institution
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second we need to take every practical
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step to make things more affordable for
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families during this moment of economic
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uncertainty the price at the pump is
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elevated in large part because russian
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oil gas and refining capacity are off
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the market we cannot let up on our
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global effort to punish mr putin for
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what he's done third we need to keep
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reducing the federal deficit which will
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help to ease price pressures i welcome
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debate on my plan to tackle inflation i
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will work with anyone democrat
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republican or independent willing to
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have an open and honest discussion that
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delivers real solutions for the american
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people joining us now director of the
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white house national economic council
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brian deese brian good to have you with
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us this morning i suspect you had a hand
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in the writing of this piece in the wall
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street journal this morning or at least
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inform the president a bit uh elaborate
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a little bit if you would what is
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president biden going to say when he
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sits down with chairman powell today and
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do you and does the president believe
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that the fed has acted too slowly on
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this problem
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well when the president sits down with
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chair powell what he will reiterate is
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his commitment
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to giving the fed the space and the
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independence it needs to do its job to
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tackle inflation
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that may sound basic but it has not
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always been the case we've not had
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president's presence in the past that
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have been clear about respecting the
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independence of the federal reserve and
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so the president wants to do that
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clearly today
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and make clear that the fed has the
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tools that it needs to address inflation
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while also sustaining our economic
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recovery and i think that that's an
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important part of the president's
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message and the piece that he published
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today which is that we are in this
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transition from what has been a
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historic economic recovery historic in
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the jobs
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created historic in the wealth created
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for american families and now we need to
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transition to more stable and resilient
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growth and that's what they'll be
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talking about
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hey brian good morning john f lemire so
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to pick up on your point that if the
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federal reserve is independent and if
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they're larger the ones in charge of
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this what is
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the point of this meeting today uh
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beyond a photo op and what what measures
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are you guys can the president actually
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take to combat what is a spiraling
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crisis
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yeah it's a great question and look the
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it is standard practice for presidents
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and chairs of the federal reserve to
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meet from time to time so that the chair
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can share his views or her views on uh
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the economic outlook
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that will happen today and the reason to
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do it is to underscore that
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this president is committed to
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respecting the independence of that
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institution but that's not the only
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issue
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as as you outlined there are two other
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important parts of what the president is
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focused on the first is bringing down
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costs for families there's a variety of
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things that we can do and are doing on
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that front lowering the cost of internet
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bills for american families
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making it cheaper and easier to move
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goods from ships to trucks to railways
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so that people can get the things that
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they want cheaper we're working on all
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of those pieces and then there's
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important pieces that we need congress's
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help on as well like for example
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lowering the cost of prescription drugs
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all of those things are our focus some
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of them we need congress some of them we
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can do on our own but they're all
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focused on one central idea which is how
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can we make things more affordable for
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families during this transition period
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and then of course as willie mentioned
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lowering the federal deficit this is a
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place where we've really made notable
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progress more than a trillion and a half
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dollar reduction in the deficit just
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this year alone we want to keep making
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progress on that front have a set of
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proposals in front of congress to do
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that there's broad support among the
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democratic caucus for
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tackling tax reform so we hope we can
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make progress on there as well
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brian elise jordan here i would like to
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talk to you about tax reform because in
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the op-ed you
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president biden mentions that he will be
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taking on common sense tax code reforms
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specifically it is outrageous
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outrageous in the outrageous unfairness
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in the tax code that allows a
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billionaire to pay lower rates than a
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teacher or firefighter so what
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specifically is going to be done so that
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a billionaire does not pay a lower rate
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than a teacher or firefighter
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well first we could move on the
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president's proposal for what he's
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referred to as a billionaire minimum tax
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which would mean that if you are have
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more than a billion dollars in wealth
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then on an annual basis it would make
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sure that you pay at least 20 of your
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overall income in taxes uh that would
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put a billionaire in a position where
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they're paying about the same rate as a
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teacher or a firefighter but would be a
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dramatic change from today where the
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typical billionaire pays only eight
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percent uh of his income and we could do
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the same on the corporate tax side as
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well
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we have proposed and the house has
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passed a 15
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minimum tax on corporations so that they
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pay a minimum and we make sure we don't
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have the situation where you have 50
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companies that made 40 billion dollars
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in profit last year and paid zero
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dollars in taxes those types of
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approaches a billionaire minimum tax a
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corporate minimum tax are the kind of
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common sense approaches the president's
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talking about and like i said there's
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got a lot of support congressionally and
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we're hopeful that we can move that
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forward over the north course of the
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next several weeks brian just looking at
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the proposals and the op-ed the three
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points while laudable in many ways are
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kind of long-term thinking ending the
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war in russia bringing down the deficit
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uh and even fed action would be delayed
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uh sometime for people who are paying
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five five and a half bucks a gallon and
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making difficult decisions in their
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homes about what to do and what not to
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do and truck drivers who are saying the
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price of diesel it's not even worth it
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for me to take this haul out on the road
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what do you say to people hurting in the
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short term with inflation
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well look uh as the president said and
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uh as we will continue to reiterate we
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get it we get that these prices are
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hitting right now and that people are
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looking for some relief which is why
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we're using every tool we have to
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provide relief in the immediate term
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even as we work on some of these
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incredibly important medium term issues
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so i just give you a concrete example
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the president used his executive
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authority to lower the cost of internet
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bills for 50 million families that
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doesn't solve every pocketbook problem
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that families have but it does mean that
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people can get
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lower costs and in some cases free
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internet take one of the bill monthly
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bills off of the table there are other
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steps that we can take right in the
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immediate term to try to get goods
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moving more quickly anywhere where we
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can take immediate steps we're going to
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do so but i also wouldn't undervalue the
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medium term you think about something
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like housing prices rent prices in the
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united states if we start building more
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supply of affordable housing today
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we are going to have an impact on the
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market and we're going to solve this
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problem earlier than we would otherwise
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so we have to focus both in the
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immediate term and the medium term yeah
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for the moment it's the grocery store
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and the gas station where everyone's
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feeling it director of the white house
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national economic council brian d's
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brian thanks for being with us this
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morning
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[Music]
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you
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