Biden says 'Americans are squeezed by the cost of living,' as inflation rises before midterms
US President Joe Biden has admitted that “Americans are squeezed by the cost of living,” as his Democratic Party heads into the midterm elections which they are likely to lose to the Republicans.
A report published on Thursday on inflation showed prices in the US are rising more than expected.
The report marks potential bad news for Biden and Democrats who are desperate to retain control of Congress and must try to convince voters deeply concerned about high prices that they can help drive inflation down.
"Americans are squeezed by the cost of living: that’s been true for years, and they didn’t need today’s report to tell them that," Biden said in a statement.
The consumer price index rose 0.4% last month after gaining 0.1% in August, the Labor Department said in its report. In the 12 months through September, the CPI increased 8.2% after rising 8.3% in August.
Biden said the consumer price index report shows some progress in the fight against higher prices but there is more work to do, according to a statement issued by the White House.
The White House noted that inflation over the last three months has averaged 2% at an annualized rate, down from 11% in the prior quarter.
The inflation was driven by soaring rents and food costs and reinforces the expectation that the Federal Reserve will deliver a fourth 75-basis-point interest rate hike next month, according to Reuters.
"But even with this progress, prices are still too high. Fighting the global inflation that is affecting countries around the world and working families here at home is my top priority," Biden said.
Recent opinion polls have depicted a gloomy landscape for Democrats as they gear up for the 2022 midterm elections.
A recent USA TODAY/Suffolk University Poll found that Republicans maintain a clear lead on the congressional ballot over Democrats as Joe Biden's approval rating plunges to a new low of 38 percent.
Nearly two-thirds of Americans, 64 percent, say they do not want Biden to run for a second term in 2024, including a troubling 28 percent of Democrats.
Biden has proven a disappointment for many who voted him into office last year, with 16 percent of those surveyed saying he has done a worse job as president than they expected. Overall, 46 percent of Americans hold that view.
More worrying for Biden, another new survey by Emerson College has found that Trump would beat the incumbent by two points – 45 to 43 percent - if the election was held today.
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