Biden speech today: President to detail plan to fight rising US inflation rate

WASHINGTON – President Joe Biden will comment on inflation on Tuesday, a White House official said as his administration seeks to address one of the key financial concerns for voters in the run-up to the November midterm elections.

He will outline his plan to fight inflation and reduce the cost to working families and contrast his approach with the extremely Republican MAGA plan to raise taxes on 75 million American families and threaten programs such as Social Security, Medicare and Medicaid. “, Said the official in an email.

ONE CNN poll released last week found that 8 out of 10 US adults said the federal government had not done enough to curb inflation, and a majority said the president’s policies had hit the economy. Even within the Democratic Party, only 7 in 10 approve of Biden for the economy (71%) and helping the middle class (71%), significantly lower than the 86% of Democrats who approve of his performance overall.

Biden ‘s expected remarks were first reported by Worthy.

MORE: Here’s how President Biden wants to fight inflation in America

Inflation rates have been rising sharply since August 2021 and are outside the normal range of 2% -4% for an entire 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 of this unpleasant nature does not take root in the economy,” Federal Reserve Chairman Jerome Powell said last week, shortly after announcing a half-point rate hike to fight inflation.

However, Americans are struggling with rising costs everywhere, from the grocery store to the gas station. Keeping prices stable is part of the Fed’s mandate, but so far inflation has continued to soar, leaving some wondering if the central bank is behind the policy curve.

The GOP is already leveraging inflation to weaken Democrats heading to the midterm elections as it argues that Biden and congressional Democrats have exacerbated the problem by injecting pandemic-related stimulus funds into the economy in 2021.

Biden, for his part, has repeatedly acknowledged the reality of rising inflation while still advertising the strength of the US economy.

“Too many families are struggling to keep up with their bills,” the president said during his speech State of the Union address earlier this year, noting that rising costs are preventing workers from reaping the benefits of a strong labor market and rising wages. “I understand. That ‘s why my main priority is to control prices.”

The-CNN-Wire ™ & © 2022 Cable News Network, Inc., a WarnerMedia company. All rights reserved.

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Biden speech today: President to detail plan to fight rising US inflation rate Source link Biden speech today: President to detail plan to fight rising US inflation rate

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