Biden: Republicans Will Make Inflation Worse
President Joe Biden speaks about the economy in the South Court Auditorium at the Eisenhower Executive Office Building next to the White House in Washington, DC, on January 12, 2023. (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
(CNSNews.com) – After announcing that inflation has come down for the sixth month in a row, President Biden claimed Thursday that legislation from Republicans in the House will worsen inflation.
“For the sixth month in a row, inflation has come down. Measured over the last 12 months, it has fallen 6.5 — to 6.5 percent. That’s down from 7.1 percent the month before. It’s down from 9.1 percent this summer. Inflation is now at its lowest level since October of 2021,” Biden said.
The president said that “food inflation is slowing,” noting that in December, “we saw the smallest increase in food prices in almost two years, and much of that increase was due to the avian flu outbreak, which has driven up the egg prices around — in the United States.”
“It’s not just gas and food prices though. When we look at what economists call ‘core inflation,’ which takes out energy and food, we see welcome news as well. Core inflation is down to the lowest level in a year. Over the past three months, core inflation has come down to 3 percent on an annualized basis. That’s down from more than 6 percent at the beginning of 2022,” he said.
“The cost of goods is actually falling as prices for everything from computers to used cars are coming down as well, and inflation in the core services is moderating as well,” the president added.
Biden said that Republicans are pushing legislation that will make inflation worse.
Like many Americans, I was disappointed that the very first bill the Republicans in the House of Representatives passed would help wealthy people and big corporations cheat on their taxes at the expense of ordinary, middle-class taxpayers, and it would add $114 billion to the deficit. Their very first bill.
House Republicans campaigned on inflation. They didn’t say, if elected, their plan was to make inflation worse. Plus, House Republicans introduced another bill: blocking action that would help lower gas prices and help consumers, and on top of that, House Republicans are preparing to vote on a national sales tax bill.
National sales tax, that’s a great idea. It would raise taxes on the middle class by taxing thousands of everyday items from groceries to gas, while cutting taxes for the wealthiest Americans, and if I’m not mistaken, what they’ve introduced — it also would totally eliminate the IRS. It feels good, except all going to be sales tax. Go home and tell your moms. They’re going to be really excited about that.
Come on. Is this how House Republicans are starting the new term: cutting taxes for billionaires, raising taxes for working families, and making inflation worse? Well, let me be clear: If any of those bills make it to my desk, I will veto them. I will flat veto them. I’m ready to work with Republicans, but not this kind of stuff.
If they try to cut Social Security or Medicare, which Americans have been paying into with every paycheck since they have ever have had — got their first paycheck, I’ll use my veto pen to stop that as well, but if Republicans want to work together on real solutions to lower inflation, create more jobs, build an economy that works for everyone, I’m ready.