London Daily

Focus on the big picture.
Thursday, Aug 27, 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
TSA Unveils Major Airport-Security Overhaul as It Drops Gold+ Privatization Plan
CIA Chief Warned Russia Against Attacking NATO in Secret Moscow Mission
Raheem Sterling Charged With Dangerous Driving After Lamborghini Crash
The Secret Dolly Parton Kept Until Her Death: "She Was Much Sicker Than She Let On"
Middlesbrough House Fire Kills Woman and Seven-Year-Old Girl
Prince Harry and Meghan Markle Return to UK Amid Renewed Media Attention
Raheem Sterling Charged With Dangerous Driving After London Collision
Greenpeace Threatens Legal Action Over Crown Estate Offshore Wind Leasing
Nvidia Revenue Surges to Ninety-Six Point Two Billion Dollars on Artificial Intelligence Demand
Meta Agrees to Global Youth Safety Changes Following Multi-State Legal Settlement
UK Government Plans Autumn Summit With Scottish, Welsh and Northern Irish Leaders
CMA Caps Veterinary Prescription Fees at Twenty-One Pounds
Thames Water Pilot Records Forever Chemicals at Thirteen Times the Legal Limit
Kent Meningitis Outbreak Reaches Thirty-Four Confirmed Cases
Forty Children Missing From UK Asylum Accommodation Remain Unaccounted For
UK Court Upholds VAT on Private School Fees
US Designates Palestine Action as Foreign Terrorist Organization
UK Approves Massive New Chinese Embassy Complex in London Amid Security Concerns
Prime Minister Andy Burnham Visits Kyiv and Offers Cruise Missile Designs to Ukraine
Glacier Collapse, Not Earthquake, Triggered Deadly Nepal-Tibet Flood
Andy Burnham Drops Plan to Cap Political Donations
Conservative Leadership Contest Intensifies as Robert Jenrick Attacks Kemi Badenoch
French-Born Defence Secretary Wes Streeting Condemns Homophobic Abuse Since Taking Office
UK Government Delays Commercial Robotaxi Rollout in London Over Regulatory Gaps
NHS Complaints About Autism and ADHD Care Waiting Times Triple Over Five Years
UK Government Launches 10,000 Work Placements for Young People With Sainsbury's
NHS England to Offer Free At-Home Cervical Cancer Screening Kits
EU Biometric Border Checks Cause Delays of Up to Five Hours for British Travellers
US Imposes Economic Sanctions on UK-Based Protest Group Palestine Action
Two Planned UK Datacentres Could Produce More Annual Carbon Emissions Than ExxonMobil's Entire UK Operation
London Surgeons Complete First Artificial Intelligence-Assisted Brain Tumour Removal
UK Services Growth Rebounds as Consumer Confidence Reaches Two-Year High
Ofgem Confirms Four Percent October Energy Price Cap Increase for UK Households
Government Considers Insolvency Law Changes to Bring Thames Water Into Public Ownership
Andy Burnham Signs Artificial Intelligence Defence Pact During Visit to Kyiv
Church of England Faces Renewed Scrutiny Over Historical Safeguarding Failures
Reform UK Proposes £30 Tax Credit for Long HMRC Telephone Queues
Greater Manchester Secures More Than £100 Million to Upgrade Victorian Railway Stations
East Midlands Railway Urges Essential Travel Ahead of Bank Holiday Strikes
UK Economy Grows 0.4 Percent in Second Quarter as Global and Energy Pressures Weigh
UK Government and Sainsbury’s Launch Plan for 10,000 Youth Work Experience Placements
Scottish Government Plans Tighter Remote-Working Rules and Possible Voluntary Redundancies
Scottish Budget Faces More Than £700 Million Reduction After Tax Revenue Adjustment
Nearly 100 Labour MPs Press Andy Burnham to Back Electoral Reform Commission
UK Energy Price Cap Rises Four Percent to £1,723 as Middle East Conflict Drives Wholesale Gas Costs
Turnbull Warns AUKUS Could Leave Australia Without Promised Nuclear Submarines
California Billionaires Pour More Than $150 Million Into Fight Over Proposed Wealth Tax
German Broadcaster Goes Dark to Warn AfD Could End Its Saxony-Anhalt Service
Badenoch Plans Major Shadow Cabinet Reshuffle as Tories Struggle in Third Place
UK Government Demands Action Against Social Media Content Promoting Dangerous Driving
×