Biden to warn in Syracuse speech that GOP will exacerbate inflation
President Biden will pit his economic plan against that of the Republicans on Thursdayin a last-ditch effort to convince midterm voters that Democrats are best equipped to fight inflation and create jobs.
Biden will travel to Syracuse, New York, where Micron Technology plans to invest up to $100 billion in computer chip manufacturing, part of tens of billions in new factory spending announced after Biden signed the law CHIPS subsidizing the industry in August.
In Syracuse, Biden will tout efforts to bring manufacturing jobs back to upstate New York, and contrast those policies with what he called the Republicans’ “mega-‘MAGA’ trickle-down agenda.”
The slogan references Donald Trump’s “Make America Great Again” movement and the former Republican president’s focus on tax cuts that Democrats say have failed to “trickle down” to people. low-income citizens.
Senior administration officials said that Biden will argue that Republican economic plans benefit the wealthy and raise inflation. Earlier this week, he warned Republicans would cause “chaos” in the world’s biggest economy.
Some Republicans have pledged to use the legal borrowing limit or debt ceiling in the United States to force through federal spending cuts, expand Trump’s tax cuts, repeal Democratic-enacted price-cutting laws prescription drugs and block Biden’s student debt relief plan.