London Daily

Focus on the big picture.
Thursday, Jul 09, 2026

Biden says White House must tackle rising inflation as consumer prices surge: 'More to be done'

Biden says White House must tackle rising inflation as consumer prices surge: 'More to be done'

President Biden on Friday acknowledged the White House needs to tackle rising inflation as higher prices for everyday goods squeeze American families, urging Congress to pass his sweeping economic agenda that he suggested could help quell the recent spike.

Biden downplayed concerns that two sprawling spending packages will contribute to a recent bout of inflation that has caused wild increases in consumer prices. He argued that provisions of a $1.75 trillion ($1,750,000,000,000) climate and family plan and a bipartisan $1.2 trillion ($1,200,000,000,000) core infrastructure bill could actually drive prices lower.

"There's a lot more to be done," Biden said during remarks at the White House. "We still have to tackle the costs that American families are facing. This recovery is faster, stronger, fairer and wider than almost anyone could have predicted. But we want to make sure people continue to feel it in their lives."

The president pointed to a rebound in job growth last month and the declining unemployment rate as evidence that his economic plan is working.


The Labor Department said in its Friday report that employers added 531,000 jobs last month, well above Wall Street's expectations for a gain of 450,000. The unemployment rate fell to 4.6% last month, from 4.8% in September. While a relatively low level, it's still well above the pre-pandemic jobless rate of 3.5%.

"Before we passed the American Rescue Plan, forecasters said it would take until the end of 2023 to get to the 4.6 unemployment rate," Biden said, referring to a $1.9 trillion stimulus bill that Democrats passed in March. "Today we’ve reached that rate two years before forecasters thought it was possible."

The data comes at a pivotal time for the Biden team as Americans are growing increasingly worried about the health of the economy and its recovery from the pandemic. A recent Fox News poll found that almost 9 in 10 voters are worried about inflation, while the president's approval rating on the economy have plummeted to just 39%.


Inflation, as measured by the Federal Reserve's preferred gauge, is at the highest level since May 1991. (In September, the so-called core personal consumption expenditures price index jumped to 4.4%, well above the Fed's preferred target of 2%.) Still, Chairman Jerome Powell has not backed away from his stance that inflation is likely transitory and expected to cool next year.

"The timing of that is highly uncertain," Powell told reporters this week following the Fed's two-day policy-setting meeting. "But certainly we should see inflation moving down by the second or third quarter."

Powell has repeatedly blamed the highest inflation in 30 years on supply chain bottlenecks, pandemic-induced shortages and pent-up consumer demand and pushed back on the idea that wage pressure from an incredibly tight labor market is what's driving inflation.

"Our baseline expectation is that supply bottlenecks and shortages will persist well into next year and elevated inflation as well," he told reporters. "And that, as the pandemic subsides, supply chain bottlenecks will abate and job growth will move back up. And as that happens, inflation will decline from today's elevated levels."

Comments

Oh ya 5 year ago
They can do nothing about inflation because of 2 things. 1st they are printing tons of money every month to buy bonds and mortgage backed securities to keep the market from imploding and 2nd the US goverment has to borrow 1/2the money they spend every year thus can not afford a interest rate increase to stop the inflation their money printing is causing. Remember when interest rates hit 15 % back in the 80s. That was what stopped run away inflation, they cant do that now. So you can thank all the presidents from 1971 on when Nixon closed the gold window. Republican and Democrat

Newsletter

Related Articles

0:00
0:00
Close
Tech Pulse: The Future of AI and Screen Culture
Global News Briefing: Escalating Geopolitical Tensions and Corporate Shakeups
Global News Brief: Escalating Conflicts, Public Health Crises, and World Cup Drama
Rare Early Copy of US Declaration of Independence Found in British Archive
Cornish Language Revival Gains Momentum Through Schools and Community Programs
UK Authorities Face Criticism Over Prisoner Early Release Safeguards
Clacton By-Election Set After Nigel Farage Resigns Seat to Trigger Contest
Government Agencies Review Long-Term Fiscal Risks from Aging Population and Low Productivity
UK Heatwaves Expose Pressure on Public Transport and Housing Infrastructure
UK Government Prepares Welfare Review Amid Debate Over Personal Independence Payment Reform
UK Government Expands Rapid Endometriosis Testing Across NHS Services
Vistry Group Issues Profit Warning as UK Housing Market Faces Continued Pressure
Virgin Media Receives Record Twenty-Eight Million Pound Fine Over Contract Cancellation Failures
Office for Budget Responsibility Warns UK Public Finances Face Long-Term Pressure
UK Watchdog Warns Regional Income Gap Has Barely Narrowed in Three Decades
IMF Raises United Kingdom Growth Forecast as Inflation and Energy Pressures Ease
UK Government Launches Regulatory Reform Bill to Speed Up Commercialization of Innovation
Prince Harry Loses Privacy Lawsuit Against Daily Mail Publisher After High Court Rejects Claims
Federal Financial Framework Shifts as Treasury Launches Universal Savings Program for Minors
Jet2 Reports Strong Summer Travel Demand as Bookings Rise Seven Percent
Prince Harry Loses High Court Privacy Case Against Daily Mail Publisher
British Universities Warn Against Potential European Union Tuition Fee Changes
Heal Fertility Clinic Investigated After Embryo Biopsy Sample Mix-Up
Resolution Foundation Warns Regional Income Divide Has Barely Improved Since 1997
British Markets Remain Cautious as Middle East Tensions Rise and Government Transition Nears
Andy Burnham Poised to Become United Kingdom Prime Minister in Expected Political Transition
Nigel Farage Resigns as Member of Parliament Ahead of By-Election Amid Funding Investigation
Trump Declares Iran Ceasefire Over After Renewed Attacks on United States Bases
French Court Allows Le Pen to Run for Presidency, but with an Electronic Tag: "I Will Appeal, and I Will Run"
$1.4 Trillion: The Lawsuit That Could Crush Meta
Europe's Growing Struggle with Extreme Heat and Air Conditioning
UK Daily Briefing: Legal Developments and Social Issues
Political Turmoil and Rising Costs
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Logic Flaw in Windows 11 Permission Architecture Silently Consumes Hundreds of Gigabytes of Local Storage
Apple Advances Late-Stage Operating Systems with Fourth Beta Deployments
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
UK Parliament Pushes for Greater Domestic Control Over Critical Technologies
UK Parliament Warns Trade Fair and Exhibition Industry Is Losing Global Competitiveness
Police Launch Murder Investigation After Mother and Two Children Found Dead Near Bedford
British Chambers of Commerce Survey Shows Business Confidence Falls to Post-Pandemic Low
UK Parliament Report Warns Britain Risks Falling Behind in Artificial Intelligence Sovereignty
Office for Budget Responsibility Warns United Kingdom Faces Long-Term Fiscal Pressures
Nigel Farage Resigns as Member of Parliament Amid Financial Scrutiny and Triggers By-Election
Deep Purple Has Released Its Best Album in Decades
UK MPs Criticise Student Loan System as Potentially Mis-Sold to Millions of Borrowers
Policy Groups Propose Bank of England-Backed Solar Loan Scheme for Millions of Homes
UK Health Agency Issues Amber Heat Alerts Across Six Regions as Temperatures Rise
Royal Air Force F-35 Jets Conduct First High North Air Policing Missions From Aircraft Carrier
Major UK Companies Join Government Cybersecurity Pledge Amid Rising Digital Threats
×