Biden’s speech today: President to detail his plan to tackle rising US inflation rate

WASHINGTON — President Joe Biden will deliver a speech on inflation on Tuesday, a White House official said, as his administration seeks to further address one of voters’ top economic concerns as the midterm election nears. – November mandate.

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

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

Biden’s expected remarks were first reported by Axios.

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

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

“It’s our job to make sure that inflation of this nasty nature doesn’t take hold in the economy,” Federal Reserve Chairman Jerome Powell said last week, just after announcing a raise interest rates by half a point to fight inflation.

Yet Americans are grappling with rising costs everywhere from groceries to the gas pump. Maintaining price stability is part of the Fed’s mandate, but so far inflation has continued to climb, leading some to wonder if the central bank is behind policy.

The GOP is already taking advantage of inflation to weaken Democrats ahead of the midterm elections, as it argues that Biden and congressional Democrats have made the problem worse with the injection of pandemic-related stimulus funds in the economy in 2021.

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

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

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