"Here’s my final point," Biden said on Thursday. It does cap prescription drug prices for seniors and it does reduce the cost of insulin for diabetes patients as well as health care premiums for some Americans.īiden and his fellow Democrats insists that lowering those costs will offset the soaring cost of food, energy, and shelter. No, Republicans say Democrats are spending too much money: More money chasing fewer goods accelerates inflation.īut Biden said the biggest inflation drivers are "global inflation and the pandemic and Putin’s unconscionable invasion of Ukraine." So things outside his control, in other words.īiden touted his so-called Inflation Adjustment Act, which is mostly a green energy bill, with a few goodies thrown in to make its repeal unpalatable to those who benefit from it. That’s why I just couldn’t disagree more with my Republican friends who say that the biggest problem in our economy right now is that working folks are making too much money." “We also need to make more progress bringing down the prices across the board. I’ll have more to say about that next week. "But the price of gas is still too high," Biden agreed, "and we need to keep working to bring it down. And there’s a big difference for working folks," Biden said - even as gas prices have been rising. "But a lot of it is the result of getting the cost of living at the gas pump down by more - now even in California now - by more than a dollar nationally and - since the start of summer. (It's also fudging the numbers, using month-to-month inflation data because those numbers are lower than the 8.2 percent year-to-year figure.) That’s down from 11 percent over the prior three months. Overall, inflation was 2 percent over the last three months. "Today’s report shows, though, some progress. "Fighting this battle every day is a key reason why I ran for President of the United States.”īiden repeated that a lot of Americans are “hurting.” It’s been true for years, and folks don’t need a report to tell them they’re being squeezed," Biden said. "Americans are squeezed by the cost of living. "Before I begin, let me say a few words quickly about today’s report on inflation," Biden said. This past June, under Biden's watch, inflation reached 9.1 percent, the highest rate since 1981.īut on Thursday, Biden indicated that price inflation has been a persistent problem, pre-dating his own tax-and-spend agenda. When Biden took office in January 2021, it was running at an even lower 1.4 percent.īut shortly before Biden spoke on Thursday, the Bureau of Labor Statistics announced that year-over-year inflation was 8.2 percent. In April 2019, year-to-year inflation was running at a low 2.0 percent. But on Thursday in Los Angeles, Biden said the cost of living "is a key reason why I ran for president."
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