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Washington Post Columnist Megan McArdle said Monday that President Biden was “effectively doing nothing” to tackle crippling inflation rates, but that the country should be “grateful.”
In his op-ed, McArdle highlighted how, unlike Biden, lawmakers are calling for aggressive plans to tackle soaring inflation. But, she said, the demand for more direct action “stands in stark contrast to the Biden administration, whose policy response is mostly to blame the pandemic and Russian President Vladimir Putin, denounce Republican tax proposals and to otherwise deny responsibility for the fastest prize. increases over the decades.
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McArdle pointed to Massachusetts Democrat Elizabeth Warren, who wants the legislation to give the Federal Trade Commission and state governments more power to crack down on companies that dramatically raise prices, backing her belief that corporate greed is to blame for recent price increases.
Dismissing Warren’s plan as a “conspiracy theory,” McArdle claimed Biden’s strategy, or lack thereof, is a “much better” approach — “precisely because it effectively does nothing.”
“It’s not something politicians can tell voters, but sometimes ‘nothing’ is the best political option you have,” she claimed. McArdle went further, urging Biden to resist the urge to take aggressive action even if it will net him political points from voters desperate to see action from the administration.
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The columnist referred to the wage and price controls imposed by President Richard M. Nixon in 1971, when the country last faced an inflation crisis of this magnitude.
“Nixon seems to have understood that they wouldn’t work, because they didn’t solve the underlying problem. But he was facing re-election and wanted voters to see him do something about one of their problems. more urgent,” she told readers. noting that “Nixon resigned in disgrace shortly thereafter.
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“Now, I’m not suggesting that cynical economic manipulation led directly to Watergate. (Although one wonders if the economy had been in better shape, would Nixon’s campaign have been tempted to rob?)” , writes McArdle, “But it shows that there is worse than being president for one term.
“So please, Mr. President, continue to embrace the healing power of inaction,” she concluded, urging Biden to be the “do nothing president America needs.” “.