President Joe Biden can strengthen his case that he has addressed inflation, backed by recent figures indicating significant progress in combating high prices.
The consumer price index showed a 3.4% annual increase, but the prices charged by producers rose only 1% over the past year. Biden’s aides express optimism, attributing the improvement to his efforts in tackling inflation from various angles. However, the impact on voters remains uncertain, as it depends on their perception of costs, particularly for necessities like gasoline and eggs.
Biden highlights that his policies have lowered the average price of a dozen eggs to $2.51, down from a peak of $4.82. Republicans counter by noting that eggs cost $1.47 before Biden took office. The debate extends to other aspects, with GOP lawmakers like Rep. Jason Smith claiming that Biden’s inflation crisis is still affecting working families negatively.
Former President Donald Trump criticizes Biden’s handling of inflation, promising lower energy costs if he returns to the White House. Trump emphasizes reducing electric and gasoline prices, recalling a time when average gas prices fell below $2 a gallon during his presidency, although that was influenced by the pandemic.
Biden inherited an economy marked by pandemic uncertainty and signed a $1.9 trillion aid package in 2021. Critics argue that this triggered inflation, reaching a four-decade high of 9.1% in June 2022. Biden’s administration attributes the subsequent decline in inflation to strategic choices, including giving the Federal Reserve room to increase interest rates, stabilizing gas prices, and promoting job growth.
The White House rejected the idea of sacrificing jobs to cool demand, emphasizing using every available tool to bring prices down without harming the labor market. Aides argue that job growth filled shortages in an economy recovering from pandemic-related shutdowns. The president’s focus on global supply chain issues led to collaboration with the private sector to improve supply chains.
While the administration initially considered inflation as a result of global supply chain challenges, they later faced additional pressures, such as the Russia-Ukraine conflict affecting food and energy prices. Biden responded by releasing 180 million barrels of oil from the U.S. strategic reserves. Despite criticisms, the administration defends the move, stating that it helped bridge until U.S. oil production could increase.
The Biden administration’s support for renewable energy and climate change initiatives contrasts with its record domestic oil production, which isn’t highlighted. Although data suggests a response to high oil prices by increasing production, voters remain skeptical. A survey indicates that 65% of U.S. adults at the end of last year disapproved of how Biden handled the economy, contrasting with 60% approval in March 2021 when the pandemic aid became law and inflation was lower at 2.6%.
