Biden also made a point to stress that the COVID-19 pandemic and Russia’s war in Ukraine are, in his view, the main drivers of increased prices. Republican lawmakers say Democrats’ penchant for big government spending and Biden’s bungling of things like the ongoing gas price hike are to blame.
In the speech, Biden repeatedly reiterated his previous policies, such as pressing large corporations to “not engage in price gouging, and to pay their fair share in taxes.” He spoke of previous proposals to hand out tax credits so Americans can make their homes more energy efficient and tax credits to businesses who produce renewable energy products, among other things.
“My plan is already in motion,” Biden declared. But major parts of it are not. Those might be permanently stalled in the evenly divided Senate as part of his derailed “Build Back Better” plan.
Some Democratic caucus members want the president to do more.
“I think there has got to be an awareness that a lot of inflation — not all of it, but a lot — is driven by corporate greed,” said Senate Budget Committee Chairman Bernie Sanders, I-Vt., “and that prices are rising outrageously from companies that are making huge profits. We have got to be mindful of that.”