Title: President Biden Tackles Inflation Amid Growing Scrutiny and Political Pressure
President Joe Biden faces a challenge in persuading voters that he has effectively addressed the issue of inflation, as recent figures indicate progress in battling high prices. With the Federal Reserve’s 2% target within reach by November’s election, Biden’s aides acknowledge the need for further action to ensure his chances of re-election and improve his public approval ratings.
While Biden can point to lower prices for essential goods like eggs, such as a drop in the average price of a dozen eggs from $4.82 to $2.51, Republicans argue that prices were significantly lower before his presidency, with a dozen eggs costing $1.47. Former President Donald Trump claims that inflation under Biden is detrimental to the country and promises lower energy costs if he returns to the White House. However, it’s worth noting that gas prices fell below $2 a gallon during Trump’s presidency due to the pandemic’s impact on the economy.
Biden inherited an economy grappling with uncertainty due to the pandemic and took swift action by implementing a $1.9 trillion aid package. While some believe this contributed to inflation, past and current Biden administration officials attribute the decline in inflation to various factors. These include giving the Federal Reserve flexibility to raise interest rates, stabilizing gas prices, and stimulating job growth to meet the demand in a recovering economy.
Initially, Biden attributed inflation to global supply chain issues but shifted his focus towards improving supply chains by collaborating with the private sector. However, despite efforts to address inflation, Biden’s statement that it would be temporary proved to be inaccurate as inflation persisted for almost a year after his statement.
Housing costs played a significant role in driving inflation, as reflected in the consumer price index. Nevertheless, experts predict a decline in the coming months, which will reduce the overall rate of inflation. Additionally, the recent rise in food and energy prices following Russia’s invasion of Ukraine prompted Biden to release 180 million barrels of oil from the U.S. strategic reserves. Republican lawmakers criticize Biden’s stance on oil drilling, but data suggests that the initial high prices led to increased U.S. oil production, limiting future inflation risks.
The Biden administration’s prioritization of renewable energy as part of its efforts to combat climate change explains the lack of emphasis on record domestic oil production. Nevertheless, a survey shows that 65% of U.S. adults currently disapprove of Biden’s handling of the economy, compared to a 60% approval rating in March 2021 when inflation was lower.
As the November election draws near, President Biden must convince voters that his actions have successfully addressed inflation and improved their everyday lives. With the stakes high and the perception of his handling of the economy at stake, Biden’s ability to sway public opinion could determine his political future in the coming years.
