‘Shows Some Progress’: Biden Responds To Another Dismal Inflation Report | Eastern North Carolina Now | President Joe Biden responded to another report showing elevated inflation by arguing that his administration has made “progress” on combating high price levels.

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    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    President Joe Biden responded to another report showing elevated inflation by arguing that his administration has made "progress" on combating high price levels.

    The Consumer Price Index (CPI) rose 8.2% between September 2021 and September 2022, according to a Thursday report from the Bureau of Labor Statistics, surpassing expectations despite harsh contractionary policy from the Federal Reserve. The month-to-month increase of 0.4% exceeded analysts' forecasts, while core inflation, which factors out the more volatile food and energy categories, reached 0.6% against an estimate of 0.4%.

    Biden acknowledged the inflationary pressures while arguing that his legislative agenda has helped to alleviate related fallout.

    "Today's report shows some progress in the fight against higher prices, even as we have more work to do," he said in a statement. "But even with this progress, prices are still too high. Fighting the global inflation that is affecting countries around the world and working families here at home is my top priority. Because of my economic plan, the United States is in a stronger position than any major economy to take on this challenge."

    Biden has repeatedly deflected on his administration's role in rising price levels through the passage of multiple large spending packages. While the American Rescue Plan is anticipated to spend $1.9 trillion, other proposals approved over the past two years include the $370 billion Bipartisan Infrastructure Law, the $80 billion CHIPS and Science Act, and $55 billion in humanitarian and military aid for Ukraine, according to an analysis from the Committee for a Responsible Federal Budget.

    Year-over-year inflation in September was essentially unchanged since the previous month's reading of 8.3%. Lower energy costs produced a moderation from the 9.1% inflation rate in June and the 8.5% rate in July, although gasoline prices have since returned to an upward trajectory.

    The statement pointed to the Inflation Reduction Act, which approved more than $360 billion in new climate spending but decreased budget deficits by an overall $240 billion as a result of new tax enforcement, as a measure that will cut prescription drug prices and lower energy expenses.

    "Republicans in Congress' number one priority is repealing the Inflation Reduction Act. That's the exact wrong thing to do in this moment," the statement concluded. "If Republicans take control of Congress, everyday costs will go up - not down."

    As the parting admonition implied, the September inflation report has immediate implications for Democratic prospects in the midterm elections. The economy and inflation are key issues among voters preparing to cast ballots, with 84% considering the former to be a top factor on their minds, according to a poll from ABC News and The Washington Post. The Republicans lead the Democrats by a 16% margin and a 19% margin with respect to trust in handling the economy and inflation, respectively.

    Beyond the Biden administration's fiscal policy, the elevated inflation could signal more aggressive monetary policy responses. The Federal Reserve raised the target federal funds rate by 0.75% last month, a move which followed two identical hikes in June and July, in an attempt to relieve elevated inflationary pressures. Many leading economists are criticizing the central bank amid officials' excessive zeal to address rising price levels.

poll#162
In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?
  Racism within our society
  Sex realignment to the detriment of our society.
  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic
  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere
  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.
  The unresolved questions /allegation regarding the flawed 2020 General Election
  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective
  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive
  Failed Education Industry, from an overall perspective, regarding all levels of education.
  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..
  "Orangeman Bad!"
  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.
  The Weaponized Deep State for political purposes
  A secular ambivalence to all that is real.
  Record number of overdose deaths from opioids and now Fentanyl
  Biden Administration's disastrous Foreign Policy
  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.
  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!
700 total vote(s)     What's your Opinion?


poll#132
Considering that Joe Biden is considered by so many to be the Imposter President: Is he actually knowledgeable enough, wise enough, patriotic enough to be this Constitutional Republic's president at this difficult point in these tumultuous times?
  Yes, Mr. Biden is thoughtful and kind, and just so different from the "Orange Man".
  No, this representation of "president" is either too corrupt, too stupid, or both to be a real president.
  I just want the fun guy, who knew how to make stuff work back.
647 total vote(s)     What's your Opinion?


poll#154
Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan, yet to be revealed, to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
1,182 total vote(s)     What's your Opinion?

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