Biden: 'Clearer than ever my economic plan is working' - Dispatch Weekly

January 27, 2023 - Reading time: 2 minutes

In response to the news that a major inflation gauge has declined for the first time in more than two years, President Biden declared that “it’s clearer than ever” that his economic policies are having the desired effect.

In a speech on Thursday, Biden remarked: “This morning we have some good news. Although consumer prices have risen less quickly than they did six months ago, they are nonetheless higher than they were a year ago. It is lower than the 9.1% this summer. The current amount of inflation is the lowest since October 2021.”

The aggregate consumer price index decreased by 0.1% from the previous month, which was the biggest monthly decline since April 2020, when Covid-19 put much of the nation on lockdown. The Labor Department’s data on Thursday revealed that the overall CPI increased 6.5% from a year earlier, which was the lowest figure since October 2021.

The favoured inflation indicator by economists, the core CPI, which excludes the cost of food and energy, increased only 0.3% over the previous month and 5.7% over the previous year. Both metrics were consistent with economist predictions.

The stats are encouraging for Biden, who has been pleading with the country to trust in his economic policies in the face of chronic inflation for months. When he took office, he reminded Americans of the plight of the economy.

“The economy was in shambles, and the pandemic was rampant. We took prompt action to implement a fresh plan that would save the economy from the pandemic downturn,” said Biden.

“At the same time, we built the framework for an economy that will be more robust and resilient for decades to come. After two years, it is now more evident than ever that my economic strategy is effective.

The Labor Department’s jobs report from last week, which found unemployment at its lowest level in 50 years, was among the other encouraging economic data praised by Biden.

The two strongest years for job creation on record occurred during Biden’s first two years in office, he claimed.

“We still have work to do, but it’s apparent that we’re headed in the right direction, and American families and workers will soon have more breathing room.

DW Staff

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