Slowing inflation suggests that Biden's policies are not helping, January 13, 2024

Slowing inflation suggests that Biden's policies are helping, but American voters are still hurting.

Sat, January 13, 2024
WASHINGTON (AP) — President Joe Biden can make an increasingly strong case that he's helped fix inflation — if only he can get voters to believe him.

Figures issued this past week reflected a historic level of progress on battling high prices, hinting that inflation could be near the Federal Reserve's 2% target around the time of November's election. The consumer price index posted an an annual increase of 3.4%, but the prices charged by the producers of goods and services rose a meager 1% over the past year.

Current and former aides say Biden is eager to do more to bring down inflation, after a price surge in 2021 and 2022 crushed his public approval ratings in a way that is dragging down his reelection efforts. They see reasons for optimism with improving consumer sentiment.

“It’s an ongoing effort,” said White House chief of staff Jeff Zients. “Under his leadership, we’ve attacked inflation from every angle.”

The question is whether voters are feeling the improvement and will reward Biden. Or will they penalize him because inflation became a problem on his watch as the U.S. emerged from pandemic shutdowns? The answer could hinge on how people feel about the costs of necessities such as gasoline and eggs.

Biden can accurately say his policies helped reduce the average price of a dozen eggs to $2.51, according to the Bureau of Labor Statistics. That is down from a peak last year of $4.82. But Republicans can counter that a dozen eggs cost $1.47 before Biden became president.

Leading GOP lawmakers such as Rep. Jason Smith of Missouri, chairman of the House Ways and Means Committee, greeted the latest inflation numbers as evidence that voters are still suffering from high prices: “President Biden’s inflation crisis continues to rob the wallets of working families,” he said.

Former President Donald Trump has told supporters that the inflation under Biden is how “countries die” and that Trump's return to the White House would mean lower energy costs.