Speaking from the Milken Institute Global Conference in Los Angeles, U.S. Chamber of Commerce president and CEO Suzanne Clark called out President Biden for putting inflation blame on business owners.
“Everything that’s been contributing to a bad economy, some things – the war, the pandemic – are out of the administration’s control, but other things aren’t,” Clark told FOX Business’ Maria Bartiromo Tuesday on “Mornings with Maria.”
“An expansion of government spending, it’s exactly the wrong time. Raising taxes, exactly the wrong time,” Clark continued. “This administration wants to blame business and say they’re just greedy and raising prices.”
Clark, who noted “all I do all day is talk to CEOs of small companies and big companies,” provided concrete solutions for Biden as the U.S. economy faces an inflation rate soaring closer to 10%.
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“Open up more markets, reduce tariffs, increase domestic energy supply, and fix the worker shortage,” Clark listed.
Discussing the impact of higher interest rates, Clark said the risk of inaction by the Federal Reserve is greater than “trying something,” as it’s expected to raise rates by 50 basis points Wednesday.
“They’ve got to start to try to fight inflation,” the business leader pleaded, otherwise “it’ll be difficult for them to do it at the right pace.”
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Clark put the onus on lawmakers to use their legislative powers for positive change in the economy.
“We cannot make it worse with [Biden’s] fiscal policy,” Clark said. “We need to reduce government spending. We need to make sure that if Build Back Better comes back, that we kill it.”
The Chamber of Commerce president and CEO hopes the “good economists” in the Biden administration realize the opportunity for domestic sourcing and production amid a 40 year-high inflation.
“Will American government policy allow investment here?” Clark pointed out. “Maybe it’s a silver lining, we’re going to start to figure out how to source these things.”