Biden Claims Inflation Will Get Worse If Republicans Win Midterms as Prices Soar Under Democrat Control
President Joe Biden claimed Thursday that 40-year high inflation would worsen if Republicans win control of Congress in the midterm elections in November.
Biden made the comment during a speech in Los Angeles, California on Oct. 13 where he touted his Bipartisan Infrastructure Law Investments, claiming that he had helped create more jobs across the country.
“Folks, you know, Republicans are going to make you—working, middle-class folks—pay higher taxes,” Biden said. “And the biggest corporations—and, by the way, in every single piece of legislation I’ve gotten passed with the help of the people here, we have not raised the tax on anybody making less than 400,000 bucks a year one penny. I wish I was making 400—you were making 400 grand. But not a single penny. No, I mean it: not a single penny. ”
“If Republicans win, inflation is going to get worse. It’s that simple,” Biden added.
The president then went on to urge people to vote for Democrats who he said are “working to bring down the cost of things they talk about around the kitchen table, from prescription drugs to health insurance, to energy bills and so much more.”
Biden’s remarks come after data published on Thursday showed that inflation remained persistently high at 8.2 percent in September, down just slightly from 8.3 percent in August. This was higher than the 8.1 percent markets had anticipated.
Core inflation, which removes the volatile food and energy sectors, rose to a 6.6 percent annual rate; marking a new four-decade high.
‘Some Progress’ With Inflation
Despite soaring inflation appearing to continue unabated, Biden said on Thursday that the latest data from the Bureau of Labor Statistics (BLS) shows “some progress.”
“Overall, inflation was 2 percent over the last three months. That’s down from 11 percent over the prior three months. And that’s progress,” he said.
He then went on to state that a big reason behind the “progress” with regards to inflation was “getting the cost of living at the gas pump down by more—now even in California now—by more than a dollar nationally and—since the start of summer,” adding “there’s a big difference for working folks.”
Gas prices fell 4.9 percent in September, according to data from Thursday’s inflation report, however, the national average price of gasoline stood at $3.903 as of Oct. 14, according to data from AAA, up from $3.891 a week prior.
In California, drivers are having to fork out even more to fill up their tanks—$6.152 according to AAA data.
Meanwhile, BLS data showed that the overall energy index is still up 19.8 percent over the 12 months through September.
Biden during Thursday’s speech acknowledged that gas prices are still too high and said that his administration needs to continue working to bring them down.
His comments come as his support is dwindling ahead of the midterm elections in November. According to the latest Reuters/Ipsos opinion poll, 55 percent of Americans disapprove of Biden’s job performance, while 40 percent approve. The poll gathered responses from 1,004 adults over a two-day period, including 495 Democrats and 321 Republicans. It has a 4 percent margin of error.
Biden has said he will not decide on whether to run for reelection until after the midterms.