{"id":1354650,"date":"2022-03-02T10:37:55","date_gmt":"2022-03-02T15:37:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1354650"},"modified":"2022-03-02T10:37:58","modified_gmt":"2022-03-02T15:37:58","slug":"economists-say-bidens-plan-to-fight-inflation-will-likely-just-make-it-worse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economists-say-bidens-plan-to-fight-inflation-will-likely-just-make-it-worse\/","title":{"rendered":"Economists Say Biden\u2019s Plan To Fight Inflation Will Likely Just Make It Worse"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feconomists-say-bidens-plan-to-fight-inflation-will-likely-just-make-it-worse%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1354650&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/01\/GettyImages-1236386672-scaled-e1636381887780.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<aside id=\"right1forarticles\">\n<\/aside>\n<div id=\"ob-read-more-selector\">\n<p>President Joe Biden emphasized in his State of the Union address on Tuesday that he would fight inflation by enacting a policy that economists generally agree would exacerbate inflation.<\/p>\n<p>\u201cI think I have a better idea fight to inflation,<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201d said Biden. \u201cLower your costs, not your wages\u2026 That means ma<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">ke more cars and semiconductors in America\u2026 Instead of relying on foreign supply chains, let\u2019s make it in America.<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201d\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Crowd breaks out into \u201cU.S.A.\u201d chant after Pres. Biden says, \u201cInstead of relying on foreign supply chains, let\u2019s make it in America.\u201d <a href=\"https:\/\/twitter.com\/hashtag\/SOTU?src=hash&#038;ref_src=twsrc%5Etfw\">#SOTU<\/a> <a href=\"https:\/\/t.co\/fRRhmoV8PD\">https:\/\/t.co\/fRRhmoV8PD<\/a> <a href=\"https:\/\/t.co\/kaGykt8zlx\">pic.twitter.com\/kaGykt8zlx<\/a><\/p>\n<p>\u2014 ABC News Politics (@ABCPolitics) <a href=\"https:\/\/twitter.com\/ABCPolitics\/status\/1498850178488492043?ref_src=twsrc%5Etfw\">March 2, 2022<\/a><\/p>\n<\/blockquote>\n<p>Biden was immediately <a href=\"https:\/\/twitter.com\/PIIE\/status\/1498848274542993415?s=20&#038;t=MyKkjM6jp9E0aNitJwZRpQ\" target=\"_blank\" rel=\"noopener noreferrer\">rebutted<\/a> by the Peterson Institute for International Economics on Twitter. \u201cWhile a political winner, research finds that \u2018Buy American\u2019 requirements increased US domestic procurement costs across federal &#038; state governments by 5.6% in 2017, costing US taxpayers an additional $94 billion.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2022\/02\/25\/antoni-bidens-latest-blame-game-russia-made-me-do-it\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: ANTONI: Biden\u2019s Latest Blame Game On Inflation \u2014 Russia Made Me Do It)<\/a><\/strong><\/p>\n<p>These higher costs exemplify what economists call \u201cgains from specialization\u201d and \u201cmutually beneficial trade.\u201d For example, the iPhone X would cost double the price (roughly $2,000) if it were manufactured in America, <a href=\"https:\/\/www.usatoday.com\/story\/tech\/talkingtech\/2018\/01\/20\/why-not-build-iphone-usa\/1047294001\/\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to tech analyst Tim Bajarin. By manufacturing products overseas instead \u2014 where labor costs are much lower \u2014 and importing it, consumers gain access to cheaper phones.<\/p>\n<p>During his term in office, former President Donald Trump promised to stimulate domestic manufacturing, as has Biden over the past year.<\/p>\n<p>In an attempt to enact his \u201cBuy America\u201d policies, Trump famously started a trade war with China. Ed Gresser, vice president and director for trade and global markets at the Progressive Policy Institute, <a href=\"https:\/\/www.progressivepolicy.org\/blogs\/ppis-trade-fact-of-the-week-trump-tariff-increases-contribution-to-inflation-0-5\/\" target=\"_blank\" rel=\"noopener noreferrer\">estimates<\/a> that the Trump tariffs added 0.5% to annual inflation during Biden\u2019s first year in office.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden emphasized in his State of the Union address on Tuesday that he would fight inflation by enacting a policy that economists generally agree would exacerbate<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1354650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1354650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1354650"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1354650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1354650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1354650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1354650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}