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Transcript/Scriptiden US Economy
HEADLINE: Biden Says Fighting Inflation ‘Top Priority’ as Midterms Loom
TEASER: US president presents plan to counter inflation, criticizes Republican opponents’ plan as ‘backwards’
PUBLISHED AT: 5/10/22, 8:33 pm
BYLINE: Anita Powell
CONTRIBUTOR: Jorge Agobian
DATELINE: the White House
VIDEOGRAPHER: AP
VIDEO EDITOR:
SCRIPT EDITORS: Holly Franko, Reifenrath SR
VIDEO SOURCE (S): AP, AFP ZOOM (WITH LICENSE)
PLATFORMS (mark with X): WEB __ TV _X_ RADIO __
TRT: 2:38
VID APPROVED BY: Holly Franko
TYPE:
EDITOR NOTES: ))
((INTRO: ))
[[President Joe Biden says much of the blame for inflation, a key political issue as the U.S. approaches midterm elections, rests on Russian President Vladimir Putin, whose invasion of Ukraine has driven up global energy prices. Biden says his Democratic Party has a better plan to reduce the 8.5% inflation rate than do his rivals, whom he portrays as economic extremists. VOA’s Anita Powell reports from the White House. ]]
((NARRATOR))
You don’t need to be an economist to understand inflation: For many Americans, rising prices — of everything from food to gasoline — are right in front of their noses.
U.S. President Joe Biden knows this is a key issue for voters this November.
((President Joe Biden))
“I want every American to know that I'm taking inflation very seriously, and it's my top domestic priority.”
((NARRATOR))
He’s highlighted economic issues in recent swings through key states like North Carolina, Ohio, Iowa and Alabama, and in Democrat-friendly states like Oregon.
((mandatory courtesy: REALCLEARPOLITICS.COM))
Current opinion polls universally put Biden’s economic approval around 40%, and his Republican critics are unsparing.
[[Radio: Republican U.S. Senator Rick Scott]]
((Sen. Rick Scott, Republican)) ((Zoom))
“He doesn't do anything other than attack Republicans. If he wants to do something on inflation right now, what he ought to do is resign. Every month he has been in office inflation has gotten worse.”
((NARRATOR))
Biden disagrees, and has recently announced initiatives he says will help, like plans to lower the price of internet access, release more oil from the Strategic Petroleum Reserve, expand access to gasoline with 15% ethanol, and more.
((President Joe Biden))
“Senator Rick Scott, a member of the Senate Republican leadership, laid it all out in a plan that is the ultra-MAGA agenda. Their plan is to raise taxes on 75 million American families, over 95% of who make less than $100,000 a year, total income. The average tax increase would be about $1,500 per family. They've got it backwards, in my view.”
((NARRATOR))
The White House also blames the pandemic for disrupting the economy, and Russian President Vladimir Putin, whose invasion of Ukraine has affected energy and grain prices.
Analysts say Biden doesn’t have time on his side before the November vote.
[[Radio: Bill Galston is a senior fellow at the Brookings Institution]]
((Bill Galston, Brookings Institution)) ((Zoom))
“Fundamental policy shifts will make a difference over time. But if the question is whether they're going to make a difference between now and the midterm elections, the president would have to get very lucky for that to happen.”
((NARRATOR))
And economists say U.S. inflation has global knock-on effects. On Tuesday, the International Labor Organization said global inflation hit 9.2% in March 2022, more than double the 3.7% rate of March 2021.
[[Radio: Desmond Lachman is a senior fellow at the American Enterprise Institute]]
((Desmond Lachman, American Enterprise Institute)) ((Zoom))
“What this inflation is going to give rise to is a recession in the G-7 [Group of Seven] countries. That seems to be pretty much baked in the cake. And that's really not good for the whole of the global economy."
((NARRATOR))
Ultimately, this problem falls to the American voter. Midterm elections will see a battle for all 435 seats in the House of Representatives and for one-third of Senate seats, and local polls in more than 39 states.
((Anita Powell, VOA News, the White House))
NewsML Media TopicsArts, Culture, Entertainment and Media
NetworkVOA
Location (dateline)the White House
Embargo DateMay 10, 2022 16:07 EDT
Byline((Anita Powell, VOA News, the White House))
Brand / Language ServiceVoice of America - English
