The US Department of Labor issued a monthly inflation report, suggesting that prices are still rising.
Biden has categorically said he needs more time to reduce inflation. Before the midterm elections, Biden repeatedly established that his economic policies were bringing prices down, but he completely changed his tone after the elections.
Biden Outright Denied Reducing Inflation
As per the latest report, the Consumer Price Index jumped by 0.4% in October, compared to September. Currently, the CPI is 7.7% more, compared to the same time last year.
Biden noted that reducing inflation will take time, adding Americans will also need to face setbacks on the way to controlling skyrocketing prices.
The latest remarks of Biden are in contradiction with his election campaign message. Many Democrats, including former President Barack Obama, claimed, before midterms, that Biden is doing an excellent job of healing the US economy and bringing prices down.
My economic plan is working – and Americans are starting to feel it.
It’s going to take time to get inflation back to normal levels, but we’re going to keep at it. pic.twitter.com/M1hARjII8O
— President Biden (@POTUS) November 11, 2022
Even though general food prices increased by 0.4% in October, Biden thought the numbers were in his favor.
He suggested the latest report is the much-needed relief for Americans before the start of the holiday season. Furthermore, the president argued he is seeing progress in inflation control.
Before the voting, Biden also argued that he had taken incredible steps to bring prices down. However, one day after the elections, Biden claimed he could not guarantee Americans would get rid of inflation, adding the government “can” try to reduce prices.
Joe Biden said there's no guarantee we will 'get rid of inflation.'
So the "Inflation Reduction Act" was a farce?
— Lance Gooden (@Lancegooden) November 10, 2022
Biden Still Motivated to Increase Social Spending Despite Rising Inflation
As long as the government is unable to control prices, Biden claimed, the government is trying to help Americans using social security measures.
Many economists have already established that social security measures are the primary contributor to rising inflation. However, Biden has already claimed he will not compromise on his socialist agenda, even if Republicans take control of the House in the midterm elections.
In addition to that, Biden claimed that he had worked hard to recover the US economy from where it was standing in January 2021. The president added that the country is producing more jobs as businesses continue to grow.
Likewise, Biden dismissed all the concerns about a possible economic recession that could come anytime soon. As per Biden, the US economy is likely to make a “soft landing” so that most Americans can transition without facing major problems.
The Federal Reserve already warned that Americans will need to feel the pain of the tough policy measures as interest rates keep rising, giving significant blows to businesses nationwide.
Meanwhile, Republicans slammed Biden for not doing anything to reduce inflation. Republican Congressman Kevin Brady noted that housing prices are now the highest in history, adding that Americans are facing pay cuts, despite continuously rising inflation.
This article appeared in Right Wing Insider and has been published here with permission.