High Inflation Leaves Americans Struggling Despite Biden’s Economic Successes
By President Joe Biden has been touting economic successes in his State of the Union address and other public appearances, claiming that inflation is coming down.[0] The latest data from the U.S. Bureau of Labor Statistics confirms that annual inflation has fallen for seven straight months, while monthly inflation rose 0.5 percent from December to January.[1] Despite this, inflation remains high, leaving many Americans struggling to keep up with the cost of living.
The Labor Department reported that the consumer price index (CPI), a broad measure of the price of everyday goods that includes gasoline, groceries and rents, rose 0.5% the month in January after a surprise decline of 0.1% in December.[2] The CPI rose 6.4% in January on an annual basis, hotter than expected, but remained steady compared to last month.[2]
House Ways and Means Committee Chairman Jason Smith, a Republican from Missouri, released a statement criticizing the President for the ongoing inflation crisis. “Congress Must Confront Joe Biden’s Inflation Mess,” the statement read.[3] The Republican National Committee has also blamed Biden’s $1.9 trillion American Rescue Plan, calling it “the original sin” of inflation.
In a recent I&I/TIPP poll, 77% of respondents said that inflation is causing financial hardship for them and their families.[4] This figure was consistent across all political affiliations, with 75% of Democrats, 81% of Republicans, and 75% of independents reporting feeling the pinch.[4]
Inflation has increased 14.4 percent since President Biden took office, leaving many to question the effectiveness of his policies.[5] While Biden has promised to bring the nation together, inflation has become a point of consensus, with Republicans and Democrats alike pointing the finger at the president’s economic agenda.[6]
As Biden prepares for a showdown with Republicans over raising the federal debt ceiling, he has warned about the consequences of defaulting and the potential for economic chaos.[1] While it is unclear how much influence a particular Administration has over inflation, it is clear that something must be done to reduce the burden on working Americans.[3]
0. “Biden not out of the woods yet on inflation despite recent trend” Colorado Springs Gazette, 15 Feb. 2023, https://gazette.com/news/us-world/biden-not-out-of-the-woods-yet-on-inflation-despite-recent-trend/article_b18c6ff3-0e7b-5cf9-a5c6-79b4e57dd6d5.html
1. “Biden Says There's More Work to Do on Inflation as Data Stay Stubbornly High By Bloomberg” Investing.com Canada, 14 Feb. 2023, https://ca.investing.com/news/economic-indicators/biden-says-theres-more-work-to-do-on-inflation-as-data-stay-stubbornly-high-2902557
2. “Biden hails inflation report, GOP says not so fast” The Hill, 15 Feb. 2023, https://thehill.com/newsletters/business-economy/3858458-biden-hails-inflation-report-gop-says-not-so-fast/
3. “Does the President Have Control Over Inflation?” The New Yorker, 11 Feb. 2023, https://www.newyorker.com/business/currency/does-the-president-have-control-over-inflation
4. “Issues & Insights Poll: 77 Percent Blame Biden for Financial Hardship” Newsmax, 13 Feb. 2023, https://www.newsmax.com/newsfront/poll-joe-biden-inflation/2023/02/13/id/1108452/
5. “State of the Union Showed Biden Has No Plan to Provide Americans Relief from His Inflation Crisis – House Committee …” Ways and Means Committee, 14 Feb. 2023, https://waysandmeans.house.gov/state-of-the-union-showed-biden-has-no-plan-to-provide-americans-relief-from-his-inflation-crisis
6. “Biden Touts Cooling Inflation, Points to Global Causes” The Wall Street Journal, 8 Feb. 2023, https://www.wsj.com/livecoverage/state-of-the-union-2023-president-biden/card/biden-touts-cooling-inflation-points-to-global-causes-g6hEene97i8AuY0yP5UW
