President Biden is preparing a major speech to deal with inflation on Tuesday, contrasting his plans to lower the cost of U.S. families with those offered by Congressional Republicans, executive officials. Told Axios.
Important reason: For the president, who once claimed that inflation was “temporary,” Biden is now talking about rising prices on almost every occasion. In some states, the focus is on Americans squatting under more than $ 6 a gallon of gas and raising grocery prices every time they visit a store.
- At the White House on Tuesday, Biden focused on Republican plans like Senator Rick Scott (Florida), the Democratic Party raised taxes on about 75 million Americans, and qualification programs like Medicare and Medicaid. May be abolished.
- Despite the economy that created 428,000 new jobs last month, authorities know that inflation is weakening Americans’ purchasing power — and could crush Democrats in midterm elections.
- Biden officials are discussing whether to reduce tariffs on China by former President Trump as a step towards slowing inflation, Axios reported.
- During April, Biden was hit by price increases in almost weekly speeches. He did so again last week when he visited Ohio, the main electoral state of the Rust Belt.
News promotion: The Bureau of Labor Statistics will release the April Consumer Price Index at 8:30 am on Wednesday.
This has become one of Washington’s most awaited stats.
- According to FactSet, economists predict a monthly headline rate of 0.2%. In other words, the annual inflation rate will be 8.1%.
- This shows a drop from the highest annual rate of 8.5% in March since 1981, and signal inflation could recede.
- Last week, the Federal Reserve enacted the sharpest interest rate hike in more than 20 years as a step to help lower inflation.
Flashback: At the end of 2021, with an annual CPI of 6.8%, Biden claimed that inflation was at its “peak”.
- Later, the war in Ukraine helped boost energy prices.
Big picture: Biden is currently trying to convince the American people that he has plans to lower costs, even though he says the Federal Reserve has the most powerful tools to curb inflation. increase.
- In late March, the president raised the price as the centerpiece of the FY2011 budget, advertised the deficit reduction based on the outline of spending, and planned to reduce the cost of consumers.
- On March 31, he used strategic petroleum reserves for an unprecedented release to help lower gas prices.
- He announced in Iowa last month that for the same reason, he would increase summer access to E15, a cheaper gasoline containing 15% ethanol.
- At Earth Day in Auburn, Washington, he highlighted plans to reduce the cost of prescription drugs.
The other side: Republicans continue to hammer Biden with inflation, and voters are confident that they are on their side.
Public polling shows that they are correct.
- According to a May 1 ABC News survey, 50% of respondents trust and control the Republican Party, and only 31% support the Democratic initiative.
- Scott, who also chairs the National Republican Senate Committee, said there are no plans to raise taxes on working Americans and retirees, and there is no risk of a reduction in qualification programs.
- “American families are suffering from rising inflation and rising prices, @JoeBiden It doesn’t help anything. ” He tweeted last week.
Deeper: Last fall, Biden worked with private companies and trade unions to operate the Port of Los Angeles 24 hours a day, 7 days a week.
- The goal was to reduce the backlog of the cargo ship so that holiday gifts would not be delayed.
- When these delays didn’t happen, White House spokesman Jen Psaki joked that Biden “saved Christmas.”
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