Biden Claims Families Have ‘A Little Bit More Breathing Room’ After Another Dismal Inflation Report

President Joe Biden It sounded like a note of significant Economic Friday, after the election: optimism Inflation Metric most commonly used by the Federal Reserve Continuing to rise.

The Personal Consumption Expenditures Index Price Index rose 5.4% from January 2022 to January 2023. Meanwhile, the version of the measure that excludes more volatile food or energy categories rose 4.7% in the same time horizon according to Data From the Bureau of Economic Analysis. Analysts were pleasantly surprised by both figures.

Biden responded to the release of data by claiming that “we have made progress on inflation, but we have more work to do.” He praised the efforts of his administration to lower prices and claimed that Republicans were threatening the strength the economy by opposing their spending agenda.

“When I travel the country, I see optimism for this year and the years ahead. The optimism of families with just a little bit more breathing room thanks to our work to get workers back into jobs. The optimism of a record number of Americans applying to start a small business,” In a, the commander-in chief said Statement From the White House “But the fight is not over. We must finish the job in transitioning to stable and steady growth that benefits all Americans, while laying the foundation for strong and shared growth for years to come.”

Critics of White House argue that this claim is one of many false assertions made by senior officials about a recent fall in cost pressures. The latest inflation Report From the Bureau of Labor Statistics. It also showed an increase in energy and food prices despite having a lower inflation number. This occurred just one week after Biden. That “inflation is coming down” During his second State of the Union speech.

Jason Smith, Chairman of the House Ways and Means Committee (R-MO), stated in a Friday statement that the administration “has no plan to bring down inflation” But, it is determined to continue to implement federal spending initiatives. “Families, farmers, and small businesses continue to suffer as a result of President Biden’s radical partisan agenda, yet he insists he will not abandon it,” He made the comment.

After Vice President Kamala Harris stated in a Speech That the administration has “reduced heating and electricity bills so folks have more money in their pocket to buy things like school supplies, replace the dishwasher, or take a family vacation.” However, the average price of electricity has increased by 24% in the last two years, according To Data According to the Bureau of Labor Statistics in Canada, the price of utility natural gases increased 63% during the same period.

Many households are not optimistic despite optimism emanating from the White House. Gallup polled 50% of those surveyed. Survey 35% of respondents said that they are more financially secure than they were last year. Only 35% thought they were better off. The lowest-income Americans reported being the most unhappy with their financial situation. 61% of respondents expressed pessimism in 2023, a rise from 41% in 2022.

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