Biden As Inflation Remains Near Record High: ‘My Economic Plan Is Showing Results’

On Thursday, Democrat President Joe Biden claimed that the news that year-over-year inflation moderated slightly was evidence that his “economic plan is showing results.”

Price levels rose 7.7% between October 2021 and October 2022, according to a new report from the Bureau of Labor Statistics, in response to aggressive interest rate hikes from the Federal Reserve.

“Today’s report shows that we are making progress on bringing inflation down, without giving up all of the progress we have made on economic growth and job creation,” Biden said. “My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength.”

“It will take time to get inflation back to normal levels – and we could see setbacks along the way – but we will keep at it and help families with the cost of living.  Americans are already paying around $1.20 less per gallon of gas than this summer,” Biden claimed, even though Americans are currently paying an average of $3.80 per gallon, according to data from AAA, which is a 60% increase from when Biden took office at the beginning of last year.

“Today’s report shows a much-needed break in inflation at the grocery store as we head into the holidays,” Biden said, despite food prices increasing 0.6% last month – which is 50% more than the 0.4% increase in prices overall.

“And millions of Americans shopping for health insurance plans are continuing to save $800 per year, thanks to legislation I’ve signed into law.  In less than eight weeks, my plan to bring down prescription drug prices and energy costs goes into effect,” Biden said. However, prescription drug prices in 2022 have risen faster than any year since before former President Donald Trump’s administration.

“It has been a hard two years to recover from where things were in January 2021,” he claimed. “But our economy has reopened, new jobs are being created, new businesses are growing, and now, we are seeing progress in getting inflation under control – with additional measures taking effect soon.”

It should be noted that U.S. job levels are still below pre-pandemic levels. However, the national figure is being dragged down by Democrat-led states. Republican-led states, like Texas and Florida, have had job levels well above their pre-pandemic numbers for months.

Biden concluded, “I will work with anyone – Democrat or Republican – on ideas to provide more breathing room to middle-class and working families. And I will oppose any effort to undo my agenda or to make inflation worse. We are on the right path – we need to keep moving forward to build an economy from the bottom up and the middle out.”