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GOP candidates fail to find solutions to inflation in Miami debate

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Republican presidential candidates have laid out their plans to fight inflation – and have been somewhat aggrieved in the face of immediate cost pressures.

South Carolina Sen. Tim Scott said he would increase oil and natural gas production, although domestic oil production recently hit a record high under President Joe Biden, according to the Energy Information Administration. The main challenge is that oil is a global product and often responds to market problems around the world, so production cuts by Saudi Arabia and other oil-related countries OPEC can raise prices.

LEARN MORE: How long can the increase in consumer spending in the United States last despite rising prices?

Florida Gov. Ron DeSantis said workers were removing items from their grocery carts when they went to the checkout because the prices were too high. He said he would get rid of all of Biden’s economic policies and “rein on the Federal Reserve,” the U.S. central bank responsible for keeping inflation near a target annual rate of 2%. The Fed quickly raised its benchmark rate to control inflation, slowing the pace of consumer price increases to 3.7% from a peak of 9.1% in 2021.

Vivek Ramaswamy said he would just “increase the supply of everything”. This includes oil, housing, nuclear power and coal, although it can take years for companies to increase supplies in a way that immediately responds to price pressures.

LEARN MORE: In the 3rd debate, Republican candidates support raising the retirement age

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