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Biden: "We Have Made Progress On Inflation"

US

President Biden has issued a statement saying that the US has "made progress on inflation, but we have more work to do," following today's PCE print.

  • Biden: "Annual inflation in January is down from the summer, while the unemployment rate has remained at or near a 50-year low and take-home pay has gone up."
  • Biden says, "...gas prices down again – now more than $1.60 since last summer’s peak after Putin’s unconscionable invasion."
  • Biden says, "...there may be setbacks along the way, but we face global economic challenges from a position of strength," and warns that Republicans in Congress threaten "to undermine that strength."
  • Biden says some Republicans, "have supported raising costs through a repeal of the Inflation Reduction Act, cutting taxes for the wealthy and large corporations, cutting critical programs that American seniors and families count on, or taking the full faith and credit of the United States hostage."
  • Biden concludes with a line from his State of the Union address which was widely seen as an indication that he will seek a second term in the Oval Office: "We must finish the job..."
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