Biden set to make comments on inflation Tuesday, official says – WSVN 7News | Miami News, Weather, Sports

(CNN) — President Joe Biden will make comments on inflation Tuesday, a White House official said, as his administration seeks to further address one of voters’ top economic concerns ahead of the November midterm elections.

“He will detail his plan to fight inflation and lower costs for working families, contrasting his approach with Congressional Republicans’ ultra-MAGA plan to raise taxes for 75 million American families and end programs like Social Security, Medicare, and Medicaid.” , the official said in an email.

A CNN poll released last week found that 8 in 10 US adults said the federal government is not doing enough to curb inflation and a majority said the president’s policies have hurt the economy. Even within the Democratic Party, only 7 in 10 agree with Biden on the economy (71%) and middle-class support (71%), significantly lower than the 86% of Democrats who approve of his performance overall.

Biden’s expected remarks were first reported by Axios.

Inflation rates have been rising sharply since August 2021 and have been outside the normal range of 2% to 4% for a full year. The consumer price index rose 8.5% for the year ended March, a rate not seen since December 1981.

“It’s our job to make sure that inflation doesn’t take root in the economy at this level,” Federal Reserve Chair Jerome Powell said last week, shortly after announcing a half-point rate hike. to fight inflation.

Still, Americans are grappling with rising costs everywhere from the grocery store to the gas pump. Keeping prices stable is part of the Fed’s mandate, but so far inflation has continued to rise, leading some to question whether the central bank’s policies are behind the curve.

The GOP is already using inflation to weaken Democrats ahead of the midterms, arguing that Biden and congressional Democrats have exacerbated the problem of injecting pandemic-related stimulus into the economy in 2021.

For his part, Biden has repeatedly acknowledged the reality of rising inflation while touting the strength of the US economy.

“Too many families are struggling to keep up with their bills,” the president said during his State of the Union address earlier this year, noting that rising costs are preventing workers from taking advantage of the strong job market and rising wages use. “I get it. That’s why getting the prices under control is my number one priority.”

The-CNN-Wire™ & © 2022 Cable News Network, Inc., a Time Warner Company. All rights reserved.

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https://wsvn.com/news/politics/biden-to-deliver-remarks-on-inflation-tuesday-official-says/ Biden set to make comments on inflation Tuesday, official says – WSVN 7News | Miami News, Weather, Sports

Nate Jones

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