President Joe Biden defended his handling of the economy after a key economic report found that progress on slowing inflation has stalled. The latest Consumer Price Index data released by the Bureau of Labor Statistics showed a 3.5% increase in consumer prices for the 12 months ending in March. Inflation has been a challenge for Biden’s presidency, leading to a decline in his approval ratings on the economy as prices have risen following the easing of the Covid-19 pandemic.
Biden highlighted the success in reducing the rate of inflation from 9% to 3% since taking office, emphasizing that the situation is better now than when he started his term. However, inflation began to rise in 2021, Biden’s first year as president, as normalcy returned following the pandemic. It peaked in June 2022 at a rate of 9.1%.
Despite criticism from Republicans and their lack of a plan to address inflation, Biden assured that his administration has a sustainable plan in place. He criticized the opposition for simply wanting to cut taxes for the wealthy and raise taxes on others without proposing a comprehensive strategy.
Biden also expressed confidence in a potential cut in interest rates by the Federal Reserve, predicting it could happen before the end of the year, although he acknowledged that the timing could be uncertain. The president noted that while
