Michelle ThompsonPresident Joe Biden has defended his economic policies in the wake of the latest inflation report, which showed that progress in curbing inflation has stalled, posing an ongoing challenge for his presidency.
The Consumer Price Index data released by the Bureau of Labor Statistics revealed a 3.5% increase in consumer prices for the 12 months ending in March. Inflation has been a persistent issue for Biden, contributing to a decline in his approval ratings on economic matters since the easing of the Covid-19 pandemic.
Biden highlighted the success of reducing the inflation rate from 9% to 3% and emphasized that the current situation is an improvement compared to when he took office.
However, inflation began to rise in 2021 during Biden’s first year as president, peaking at 9.1% in June 2022 as the country transitioned back to normalcy post-pandemic.
According to a CNN poll, a majority of Americans feel that Biden’s policies have worsened economic conditions, while his approval rating for handling the economy remains low.
Biden criticized Republicans for lacking a comprehensive plan to address economic challenges, contrasting it with his administration’s approach, which he views as more sustainable.
Despite the challenges, Biden expressed confidence in the Federal Reserve’s ability to address inflation through interest rate cuts, although he acknowledged uncertainty about the timing of such actions.
Following the release of the inflation data, US stocks experienced significant declines, indicating investor concerns about the economic outlook.
Please note that this information has been updated with additional reporting.
Emily Martinez
