President BidenJoe Biden Video showing violence removed from Rep. Gosar’s account after pushback Federal judge rejects Trump’s effort to block Jan.6 documents Expected price increases raise political stakes for Biden MORE on Wednesday he said his social spending bill will help lower prices after the Labor Department released a report detailing annual inflation hit a 30-year high.
The president argued that the “human infrastructure” bill would fight inflation by putting Americans back to work.
Going forward, it is important that Congress pass my Build Back Better plan, which is fully paid and does not increase debt, and will put more Americans to work by reducing the cost of child and senior care, and directly helping to reduce costs to American families by providing more affordable health coverage and prescription drugs, along with lower taxes for 50 million Americans, including most families with children, “Biden said in a statement.
The Labor Department released data on Wednesday that showed consumer prices grew much faster than expected in October. The consumer price index, which tracks inflation for a variety of basic goods and services, rose 0.9 percent last month and 6.2 percent in the 12-month period ending in October, which is the highest rate in the United States in 30 years.
In the White House statement, Biden said that 17 Nobel Prize winners in economics said his Build Back Better plan will “alleviate inflationary pressures” and argued that it will not increase federal debt and require the richest Americans and large corporations. pay their share of taxes.
The social spending package is making its way through Congress and is expected to be approved by the House next week. But, key moderates like Sen. Joe manchinJoe Manchin: Expected Price Hikes Raise Political Stakes for Biden Justice Co-Founder Democrats: Democrats Have Allowed Manchin, Sinema to Become Party “Dictators” Biden Calls for Democratic Unity at DNC Event MORE (DW.Va.) still has reservations about the legislation.
The jump in the inflation rate is bad news for the president, who is under pressure to combat rising prices on items like food and gas in particular, and to fix supply chain disruptions.
The president will go to the port of Baltimore on Wednesday. In the statement, he said it will highlight how the bipartisan infrastructure bill, which the House passed on Friday, “will reduce these costs, reduce these bottlenecks and make goods more available and less expensive.”
“Inflation hurts the pockets of Americans, and reversing this trend is a top priority for me,” he said.
Biden said the price increases “reflect the ongoing struggle to restore smooth operations to the economy on the restart,” but added that progress continues in the recovery, highlighting an increase in jobs, wages, home values. , personal debts and a decrease in unemployment.
Biden noted that most of the price increase in Wednesday’s report was due to rising energy costs and that the price of natural gas has fallen in recent days.
He ordered the National Economic Council to seek means to try to further reduce the high costs of energy and asked the Federal Trade Commission to counter any market manipulation or price increases in the energy sector.
He also re-emphasized his commitment to the independence of the federal reserve to monitor inflation and do what is necessary to combat it.