Signs of easing inflation in July gave President Biden political reprieve as prices climbed to 40-year highs.
Speaking at the White House on Wednesday, Mr. Biden declared that his “economic plan is working.” The president said rising prices may have turned the corner.
“There are some signs that inflation may be starting to ease,” Biden said, adding that lower prices and a stronger labor market “underscore the kind of economy we’ve been building.” There are,’ he added.
But Biden acknowledged that Americans are still dealing with high prices and the fight against inflation is not perfect.
Biden said the war in Ukraine and supply chain disruptions were global challenges, adding that “we could face further headwinds in the coming months.” “Our work is not finished yet.”
The White House has said keeping inflation in check is a top priority. The Federal Reserve to release oil from the Strategic Oil Reserve to stabilize gas prices, take steps to mitigate supply chain disruptions, and do what is necessary with regard to rate hikes to coordinate a so-called soft landing. I worked on
Democrats are poised to pass a climate and tax law known as the Cut Inflation Act, arguing that price increases will slow further over time.
The bill is projected to reduce the deficit by about $300 billion over 10 years, but given the size and timing of the fiscal cuts, the bill may have little real impact on inflation.
Republicans have been blaming the Biden administration for inflation for months, and on Wednesday they viewed the new data negatively and continued their criticism.
Wyoming Senator John Barraso (Republican) took note of the fact that prices have risen 12.6% since Biden took office in January 2021.
“Today’s numbers confirm what most people already know,” Barrasso said. said in a statement“Commodity prices continue to soar, and Americans continue to feel the pain.”
