A monthly inflation data from the US Department of Labor indicates that prices are continuing to escalate.
In order to lower inflation, Biden has explicitly stated that he needs more time. Biden frequently asserted that his economic initiatives were bringing costs down prior to the midterm elections, but he abruptly shifted course after the results.
The Consumer Price Index increased by 0.4% in October compared to September, according to the most recent statistics. Compared to this time last year, the CPI has increased by 7.7%.
In addition, Biden said Americans must expect setbacks as they work to rein in soaring costs.
My economic plan is working – and Americans are starting to feel it.— President Biden (@POTUS) November 11, 2022
It’s going to take time to get inflation back to normal levels, but we’re going to keep at it. pic.twitter.com/M1hARjII8O
Biden’s most recent statements run counter to what he said throughout his presidential campaign. Before the midterm elections, many Democrats, including former President Barack Obama, asserted that Biden was doing a fantastic job of reviving the US economy and bringing down costs.
Biden believed the numbers were in his favor even though October saw a 0.4% increase in the price of food in general.
He said that the most recent report will provide Americans with much-needed relief before the start of the holiday season. The president also said that he is observing success in the fight against inflation.
Joe Biden said there's no guarantee we will 'get rid of inflation.'— Lance Gooden (@Lancegooden) November 10, 2022
So the "Inflation Reduction Act" was a farce?
Prior to the vote, Biden also claimed he had made extraordinary measures to lower prices. One day after the election, however, Biden asserted that he could not guarantee that Americans would be free of inflation while adding that the government may attempt to lower costs.
Numerous economists have already concluded that social security policies are the main cause of the increase in inflation. Even if Republicans won the House in the midterm elections, Biden has already stated he will not budge from his socialist plan.
Republicans criticized Biden for doing nothing to lower inflation at the same time. Kevin Brady, a Republican in Congress, said that housing costs have reached an all-time high and added that Americans are seeing pay cutbacks despite persistently growing inflation.