Biden admits gas prices burdening families’ budgets.
President Joe Biden Defends Economic Credentials Amidst Rising Inflation
President Joe Biden is standing firm on his economic credentials, despite recent data showing an increase in the annualized rate of inflation over the past two months.
Biden highlighted the fact that core inflation, which excludes more volatile food and energy prices, is actually “trending down toward pre-pandemic levels” while employment remains strong. In August, the consumer price index rose by 0.6%, marking the largest increase this year, and 3.7% compared to the same time last year. The core CPI rose by 0.3% and 4.3%, respectively.
Positive Economic Indicators
“Unemployment has remained below 4% for 19 consecutive months, the highest share of working-age Americans have jobs in 20 years, and real wages are higher now than before the pandemic,” Biden stated confidently in a recent statement.
However, the president did acknowledge the strain that rising gas prices are putting on family budgets. The national average cost for a gallon of gas is currently $3.85, according to AAA, which is a 5-cent increase in just one week and a 14-cent difference compared to August 2022.
“That’s why I am laser-focused on cutting energy costs, including investing in clean energy to enhance our energy security,” Biden explained. “We are committed to building an economy that benefits the middle class and those at the bottom, with better jobs and lower costs. Meanwhile, Republicans in Congress are pushing for tax cuts for the wealthy and large corporations, as well as devastating cuts to programs that hard-working Americans rely on.”
Republican Criticism
Republicans, including aides from the Republican National Committee, have criticized Biden’s economic policies, arguing that the public is still facing financial struggles. They mockingly refer to these policies as “Bidenomics.”
“Inflation is back on the rise — that’s Bidenomics!” exclaimed RNC spokesman Jake Schneider. “The Biden administration has been consistently wrong about inflation from the very beginning, and they show no signs of changing course now.”
According to RealClearPolitics, Biden’s average economic approval-disapproval rating is currently a net negative 21 percentage points, with 38% approving and 59% disapproving.
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