Biden says his economic plan is ‘showing results’, promises to fight inflation: ‘We’re on the right track’
President Biden claimed his economic plan is working, as he released a statement Thursday night boasting that Americans are “starting to feel” its impact.
“Folks, my economic plan is showing results. People are starting to feel it,” Biden said in a video posted on Twitter. “We are making progress in reducing inflation without losing jobs.”
He added: “Americans are already paying about $1.20 less gallon of gas than they were this summer.”
Gas prices were the highest on record this summer, and some experts attribute that to Biden’s interruption domestic oil production and failure to allow oil companies to increase their supplies.
“People are seeing a much-needed break in retail inflation as we head into the holidays. People are buying health insurance and [are] continuing to save $800 a year because of the actions we’ve taken,” Biden added.
Economic reports from the month of October showed that inflation has cooled more than expected.
Consumer prices, however, remain near multi-decade highs, the burden of which continues to be largely borne by American households and small businesses, which are forced to pay more for everyday necessities.
The Labor Ministry said in its Consumer Price Index report on Thursday that grocery prices rose by 0.5%, bringing the 12-month increase to 12.4%. Consumers are too continues to pay more for items such as cereals, bread, fresh fish and seafood, eggs and fresh vegetables including tomatoes and lettuce.
“It’s going to take time for inflation to return to normal levels, but we’re going to stick with it,” Biden continued.
Despite the majority of voters arguing that the country is on the wrong track, Biden argued that everything is going according to plan. He also said that the economic forecast is evolving.
“We’re on the right track,” he said. “We are not losing jobs. In the meantime, I will continue to fight to build the economy from the bottom up and from the middle out.”
The president’s message comes shortly after Tuesday’s midterm elections in which Democrats performed better than expected and many Republicans underperformed. Majorities in the Senate and House remain on the line as votes are counted in several states.
FOX Business’ Megan Henney contributed to this report.
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