Biden says ‘more work to do’ amid shaky inflation report
Haisten Willis
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President Joe Biden issued a statement on Tuesday saying there was “more work to do” amid reports showing that inflation is slowing but remains far too high.
Annual inflation slowed to 6.4% in January, the Bureau of Labor Statistics reported Tuesday, a sign that the price pressures that have torn through the economy are easing. However, that figure remains more than three times higher than the Federal Reserve’s 2% target.
INFLATION FELL SLIGHTLY TO 6.4% IN JANUARY
“Inflation in America is continuing to come down, which is good news for families and businesses across the country,” Biden said in the statement. “Today’s data confirm that annual inflation has fallen for seven straight months.”
The much-anticipated numbers from the consumer price index show that, while inflation remains elevated, it is cooling some in response to the Fed’s aggressive interest rate hikes. Inflation had been running at 6.5% the month before. Inflation stood at 1.4% the month Biden took office, then rose steadily before peaking at 9.1% last June.
The president’s statement mentions that gas prices are down $1.60 from their summer peak and that real wages are up from that point as well. Despite the interest rate hikes, unemployment also remains near historic lows.
But he acknowledged the number still needs to drop considerably.
“There is still more work to do as we make this transition to more steady, stable growth, and there could be setbacks along the way,” Biden said. “That is why my unwavering focus is on continuing to lower costs for families, rebuild our supply chains, and invest in America.”
The Republican National Committee released its own statement saying inflation is Biden’s fault and is hurting voters.
“The bad news for American workers: Year-over-year real wages have now been negative for 22 straight months,” read a statement from RNC spokesman Tommy Pigott. “That’s a real wages recession for American workers, and why a record number of Americans say they are worse off under Joe Biden.”
Conservatives have hammered Biden about inflation for well over a year, naming as a driving factor the $1.9 trillion American Rescue Plan that passed in March 2021 with no Republican votes. One RNC newsletter referred to the plan as “the original sin” of inflation.
Biden himself has pointed to the Inflation Reduction Act and his efforts to boost manufacturing jobs as ways he will lower inflation and improve supply chains.
The president also lashed out at GOPers in his statement.
“Unfortunately, many of my Republican friends in Congress seem intent on taking us in the opposite direction,” he said. “They have proposed repealing the Inflation Reduction Act, which would make inflation worse, shower billions of dollars on Big Pharma, and increase the deficit.”
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The statement also accused Republicans of wanting to cut Medicare and Social Security, despite party leadership saying repeatedly that is not the case, and warned them to back off any threats made in debt ceiling negotiations.