Joe Biden, the chairman, wants to discuss a drop in inflation. The goal of the 2024 vote will depend on whether voters believe him or not.
Even claiming that it was that high when he took office, Biden enjoys pointing out that inflation has fallen from its peak of 9 % in June 2022. However, prices are also rising and are significantly higher than they were when Biden first entered the White House.
” On Wednesday, the country hit a sad milestone: Inflation under President Biden hit 20 %”, Job Creators Network CEO Alfredo Ortiz said following the latest consumer price index report. ” As a result, regular Americans face a expense- of- existing problems and declining lifestyle standards, with price increases outpacing wages”.
Republicans will continue to blatantly use” Bidenflation” as a deceitful power that will zap away money regardless of what happens up until Election Day.
” No one item is cheaper under Broken Joe — food, fuel, cars, trucks, book, and debts are all through the roof”, Trump said in a film released Wednesday night. ” Biden’s rate hikes are killing the American dream”.
Biden is still holding out hope that the Federal Reserve will cut interest rates before November, which will give him a victory that he can sell as” Bidenomics” on the campaign trail. The April CPI report marked a positive step in the right direction, with prices falling only substantially year over year.
” Inflation has come down quite significantly”, David Madland, an analyst with the Center for American Progress, said. ” It’s very small, and if you look at the latest information, in specific ways, it’s really quite minimal. What will the Fed do about it is the problem.
Prices are still rising more quickly than the Fed would like, as the target inflation rate is only 2 %, which indicates that the Fed’s target inflation rate is only 2 %. However, Madland believes it is possible to reduce interest rates before the slide.
He cited supply chain issues brought on by evacuations in 2020 and 2021 as the larger problem of what rose prices in the first place.
” Prices rose in every state, no matter what reply they had to COVID- 19″, he said. ” If you compare the U. S. inflation rate to any other state, you’d say we are doing quite well. But apparently, Biden has something to do with why we are doing better than most other states. He should get some payment”.
Republicans attribute the blame to other factors, particularly spending bills like the$ 1.9 trillion American Rescue Plan, which Congress passed without Republican support in March 2021. Most people will recall how much things cost four years ago, even if consumers do n’t blame the government for it.
The day may be running out to alter those ideas. RealClearPolitics , researcher Sean Trende wrote last week that” the social science books is fairly constant that this is the time when the electorate’s views about the election start to dry, especially with respect to the economy”.
Biden is focusing on the positive, which is that inflation is falling. In fact, he has claimed twice that inflation was at 9 % when it was actually 1.4 % when it first started rising in the spring.
White House press secretary Karine Jean- Pierre defended her boss’s comments during Wednesday’s news briefing.
” The point he was making is that the factors that caused , inflation , were in place when he walked into the administration”, she said. By stumbling down our economy and destroying our supply chains, the pandemic caused inflation all over the world.
Biden was accused of deceiving the public, as a reporter had suggested, or if he simply did n’t realize that inflation was at 1.4 % when he took office.
” Reopening after the pandemic unavoidably increased inflation by unleashing pent- up demand”, Jean- Pierre continued. The second term of 2021’s annual core CPI was 9 %. He was referring to the circumstances that had caused that, as well.
Although Biden’s overall opinion of the economy is 39 %, pollsters ask about inflation alone, and his polling.com/polls/approval/joe-biden/issues” target=”_blank” rel=”noopener” title=”approval rating”>approval rating falls to 34 %. According to a recent ABC News- Ipsos  poll, Trump and Biden are at odds with one another but both have a strong lead in terms of the economy.
WASHINGTON EXAMINER CLICK HERE TO READ MORE.
Other economic figures, such as unemployment that is still at its lowest level and the more than 15 million jobs that have been created since he took office, will continue to be promoted by the Biden campaign. But it will also be closely watching the monthly inflation reports, as will much of the electorate.
” We want to make sure that we’re fighting against inflation and going forward,” Jean-Pierre said. We now know that there is still much more work to be done. We get that”.
