Inflation has been a major issue for President Joe Biden since taking office, and it has been a consistent topic of his State of the Union addresses. In his latest SOTU speech, Biden noted that inflation has fallen every month for the last six months, a trend that was confirmed by the U.S. Bureau of Labor Statistics’ latest data.
The Labor Department reported that the consumer price index (CPI) rose 0.5 percent in January and 6.4 percent annually. While this was higher than expected, it remained steady compared to last month. Prices for energy, food and shelter all increased, leading to a spike in prices.
Tom Emmer, Republican Representative from Minnesota and House Majority Whip, spoke with Fox News Digital ahead of the address, saying, “Just last week Joe Biden took a victory lap on the economy, but today’s report confirms he’s living in an alternate reality than Americans watching prices get higher by the day.”
Republicans have been hammering Biden about inflation for well over a year, blaming the $1.9 trillion American Rescue Plan that passed in March 2021 with no Republican votes. And in an I&I/TIPP poll, 77% of respondents said inflation is causing financial hardship for them and their families.
Economists have weighed in on the issue, noting that the path to lower inflation sought by the Federal Reserve may not be a straight shot. Former Obama economist Lawrence Summers said that inflation is “not going away anytime soon.”
Biden is in an unenviable position, as inflation is largely out of his control. While he may be partially to blame for the increase in inflation, he can’t take credit when it goes back down. The Federal Reserve has the ultimate say when it comes to inflation and monetary policy.
Ultimately, it is up to the Federal Reserve to get inflation back under control and ease the financial burdens of many Americans. Until then, President Biden and Congress must continue to work together to find ways to help citizens suffering from the effects of inflation.
0. “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
1. “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/
2. “Republicans blast Biden after latest inflation report, say president ‘living in an alternate reality'” Yahoo! Voices, 14 Feb. 2023, https://www.yahoo.com/now/republicans-blast-biden-latest-inflation-195305412.html
3. “BIDEN-FLATION” WIBC – Indianapolis News & Politics, 15 Feb. 2023, https://wibc.com/145887/biden-flation/
4. “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
5. “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/
6. “Republicans pounce on the weak inflation report — even offering an ode to egg prices” Yahoo News, 14 Feb. 2023, https://news.yahoo.com/republicans-pounce-on-the-weak-inflation-report–even-offering-an-ode-to-egg-prices-171311154.html
7. “State of the Union and Inflation” Competitive Enterprise Institute, 6 Feb. 2023, https://cei.org/blog/state-of-the-union-and-inflation/