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https://www.washingtonexaminer.com/news/white-house/inflation-biden-most-persistent-problem
Inflation remains one of Biden's most persistent problems
It may be far from mind at the moment, but the inflation problem persists.
Year-over-year price hikes remained at 3.7% for the year ending in September, while core inflation that strips out food and energy prices fell to 4.1%. Those figures are down from a year ago but remain roughly double the Federal Reserve's 2% target.
President Joe Biden and other Democrats touted the numbers as "Bidenomics" at work, while Republicans pointed to them as proof that "Bidenflation" is here to stay.
"This morning's report shows core inflation fell to its lowest level in two years," Biden wrote in a prepared statement. "Overall inflation is down by 60% from its peak at a time when unemployment has remained below 4% for 20 months in a row, and the share of working-age Americans in the workforce is the highest in 20 years. That's Bidenomics in action."
Meanwhile, Job Creators Network CEO Alfredo Ortiz wrote that "due to this Bidenflation, ordinary Americans are poorer," blaming "reckless spending by the Biden administration and Congressional Democrats" and calling for government spending cuts.
Inflation stood at just 1.4% the month Biden took office, then surged to 5% by May and peaked at 9.1% in June 2022 before falling steadily over the last year. It has been stuck at around 4% since late spring, refusing to fall further toward the 2% target.
Republicans point specifically to the American Rescue Plan, a $1.9 trillion stimulus bill passed in March 2021 with no GOP votes, as the cause of inflation. Democrats tend to point toward rising prices globally to argue that the issue is not limited to U.S. policy decisions.
Inflation remains one of Biden's most persistent problems
It may be far from mind at the moment, but the inflation problem persists.
Year-over-year price hikes remained at 3.7% for the year ending in September, while core inflation that strips out food and energy prices fell to 4.1%. Those figures are down from a year ago but remain roughly double the Federal Reserve's 2% target.
President Joe Biden and other Democrats touted the numbers as "Bidenomics" at work, while Republicans pointed to them as proof that "Bidenflation" is here to stay.
"This morning's report shows core inflation fell to its lowest level in two years," Biden wrote in a prepared statement. "Overall inflation is down by 60% from its peak at a time when unemployment has remained below 4% for 20 months in a row, and the share of working-age Americans in the workforce is the highest in 20 years. That's Bidenomics in action."
Meanwhile, Job Creators Network CEO Alfredo Ortiz wrote that "due to this Bidenflation, ordinary Americans are poorer," blaming "reckless spending by the Biden administration and Congressional Democrats" and calling for government spending cuts.
Inflation stood at just 1.4% the month Biden took office, then surged to 5% by May and peaked at 9.1% in June 2022 before falling steadily over the last year. It has been stuck at around 4% since late spring, refusing to fall further toward the 2% target.
Republicans point specifically to the American Rescue Plan, a $1.9 trillion stimulus bill passed in March 2021 with no GOP votes, as the cause of inflation. Democrats tend to point toward rising prices globally to argue that the issue is not limited to U.S. policy decisions.
