President JoeBiden released a grim statement in response to the latest Consumer Price Index report. 'Today’s report underscores why I have made fighting inflation my top economic priority.'
The Bureau of Labor Statistics announced Friday that year-over-year inflation rose to 8.6% in May, ahead of the 8.2% projections. Prices across nearly all sectors, including energy, food, and housing, saw increases."Today’s report underscores why I have made fighting inflation my top economic priority. While it is good to see critical 'core' inflation moderating, it is not coming down as sharply and as quickly as we must see," the president wrote.
Biden yet again pointed to Russia's war in Ukraine as a key driver of price increases, specifically regarding energy and food costs, but he offered few new solutions toward decreasing the financial burden placed on U.S. residents. He called on Congress to take multiple steps aimed at lowering prices, including passing legislation that will cut shipping costs, decrease the price of prescription drugs, and reform the tax code to"make the wealthiest Americans and big corporations pay their fair share.
"We all have work to do to get inflation down. What will not help is the plan by some Republicans in Congress to raise taxes on the middle class and working families," Biden said."That would be a step in the wrong direction, and I strongly oppose it."Friday's report came as Biden is facing down his worst poll numbers since entering office.
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