Karl W. Smith, Columnist

Biden’s Anti-Inflation Agenda Is Lacking

The proposals the president made in his State of the Union address won’t have much impact on short-term price increases.

March 2, 2022 at 4:15 PM UTC

By Karl W. Smith

Karl W. Smith is a Bloomberg Opinion columnist. Previously, he was vice president for federal policy at the Tax Foundation and assistant professor of economics at the University of North Carolina.

Looking and listening for ideas to reduce inflation.
Photographer: Justin Sullivan/Getty Images North America

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In his State of the Union address last night, President Joe Biden told Americans that he had a realistic plan for bringing down inflation. The agenda he laid out, however, has little chance of doing so.

Consider, for example, the president’s remarks about the high price of prescription medicine. It’s undoubtedly the case that U.S. consumers are forced to pay for drug research and development for the rest of the world. That needs to change.