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    High Inflation Leaves Americans Struggling Despite Biden’s Economic Successes

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    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

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