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What can Biden actually do about inflation?
Kudlow: Biden will not recognize the inflationary problems his policies have caused
FOX Business host provides insight on Biden’s speech on record-high inflation on ‘Kudlow.’
President Biden said Tuesday that bringing down inflation is his "top domestic priority" but there are limits on what any president can do unilaterally to bring down the high consumer costs that have dogged Biden's approval numbers.
Tackling inflation will take the help of Congress, which Democrats control with the slimmest of majorities, and action by the Federal Reserve, which sets interest rates.
On Wednesday, the consumer price index hit 8.3% year-over-year, with prices hovering near a 40-year high.
"The main actors who can influence inflation are the Federal Reserve and Congress," said Matt Darling, employment policy fellow at the Niskanen Center. "The President can push Congress to pass laws that reduce spending or increase taxes."
AN EMBATTLED BIDEN CALLS FIGHTING INFLATION A 'TOP PRIORITY' AS CONSUMER PRICES SOAR
Darling told FOX Business that Biden can take specific actions to address supply bottlenecks, including increasing the functioning of ports that are importing more goods than ever before and increasing the number of truck drivers by expanding eligibility and getting rid of mandated marijuana testing.
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