By — Associated Press Associated Press Leave your feedback Share Copy URL https://www.pbs.org/newshour/politics/gop-candidates-come-up-short-on-inflation-solutions-during-miami-debate Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter GOP candidates come up short on inflation solutions during Miami debate Politics Nov 8, 2023 9:52 PM EDT GOP presidential candidates laid out their plans for tackling inflation — and came up somewhat shortchanged to address immediate cost pressures. South Carolina Sen. Tim Scott said he would increase oil and natural gas production, though domestic oil output recently hit an all-time high under President Joe Biden, according to the Energy Information Administration. The key challenge is that oil is a global commodity and often responds to market issues all over the world, such that cuts in production by Saudi Arabia and other countries tied to OPEC can push up prices. READ MORE: How long can the surge in U.S. consumer spending last despite higher prices? Florida Gov. Ron DeSantis said workers are removing items from their grocery carts when at the register because prices are too high. He said he would get rid of all of Biden’s economic policies and “rein in the Federal Reserve,” the U.S. central bank tasked with keeping inflation near a target annual rate of 2 percent. The Fed has rapidly hiked its benchmark rate in order to tame inflation, causing the pace of consumer price increases to slow to 3.7 percent from a peak of 9.1 percent in 2021. Vivek Ramaswamy said he would just “increase the supply of everything.” That includes oil, housing, nuclear energy and coal, even though it can take years for companies to ramp up supplies in a way that can immediately respond to price pressures. READ MORE: At 3rd debate, GOP candidates support raising retirement age We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now By — Associated Press Associated Press
GOP presidential candidates laid out their plans for tackling inflation — and came up somewhat shortchanged to address immediate cost pressures. South Carolina Sen. Tim Scott said he would increase oil and natural gas production, though domestic oil output recently hit an all-time high under President Joe Biden, according to the Energy Information Administration. The key challenge is that oil is a global commodity and often responds to market issues all over the world, such that cuts in production by Saudi Arabia and other countries tied to OPEC can push up prices. READ MORE: How long can the surge in U.S. consumer spending last despite higher prices? Florida Gov. Ron DeSantis said workers are removing items from their grocery carts when at the register because prices are too high. He said he would get rid of all of Biden’s economic policies and “rein in the Federal Reserve,” the U.S. central bank tasked with keeping inflation near a target annual rate of 2 percent. The Fed has rapidly hiked its benchmark rate in order to tame inflation, causing the pace of consumer price increases to slow to 3.7 percent from a peak of 9.1 percent in 2021. Vivek Ramaswamy said he would just “increase the supply of everything.” That includes oil, housing, nuclear energy and coal, even though it can take years for companies to ramp up supplies in a way that can immediately respond to price pressures. READ MORE: At 3rd debate, GOP candidates support raising retirement age We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now