Cost-cutting to transform US economy

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Cost-cutting to transform US economy
02 Mar 2022
6 min read


News Synopsis

On Tuesday, the President of the United States (POTUS) Joe Biden said how his plans to transform the United States economy were disrupted by the rising level of inflation. In his State of the Union address, he emphasized on the word ‘inflation’ as he was presenting a redesigned Economic plan. President Joe Biden said: "My top priority is getting prices under control. One way to fight inflation is to drive down wages and make Americans poorer. I think I have a better idea to fight inflation: lower your costs, not your wages."  The United States economy declined by 5.7% in 2021 and 3.4% in 2020. Biden has redesigned his old policies to empower the economy to recover at a much faster pace. Many Renowned economists say that Biden’s new plans will boost America’s plan to revive its economy. Joe Biden also said that climate change is also of the major issues in the United States economy. He said: "Let's cut energy costs for families an average of $500 a year by combating climate change. My plan to cut inflation will lower your costs and lower the deficit.”

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