Inflation Coming Under Control, Biden Says
President touts his overall economic record
President Biden touted his economic achievements at the White House Wednesday.
And while inflation has been a concern — and a political cudgel which Republicans have been using against him — for the first time, Biden was able to say that inflation was, once again, coming under control.
Some 943,000 jobs were created in July, making his the first administration to add 4 million jobs to the US economy in its first six months in office, Biden said.
Further, the Senate advanced two major pieces of legislation — the bipartisan infrastructure plan and the Democratic budget resolution which will be the basis for a separate $3.5 trillion spending package to move ahead with his Build Back Better agenda, the president said.
“Today I'm pleased to share more good news with the American people,” he said.
That would be a “good monthly report” on the core consumer price index from July, Biden said.
Price increases were down nearly two-thirds from their pace over the last three months, he said.
“Here's where we stand: Jobs are up, and monthly price increases have come down. Economic growth is up — the fastest in 40 years — and unemployment is coming down. I would argue that the Biden economic plan is working,” the president said.
If inflation does remain under control, that would be a very positive development for Biden, who's been been bruised politically as Americans have been watching prices rise.
Republicans on Capitol Hill have been blaming the federal spending undertaken by Biden and the Democrats for the sharp rise in inflation, despite the word of a prominent Wall Street economist, who has said otherwise.
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