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Biden warns that effort to contain prices is “far from over”

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The President of the United States, Joe Biden, celebrated the fall of 6 tenths in the country’s inflation rate, which stood at 8.5% in July, and which shows that his economic plan “is working”, although he warned that the Executive’s work to contain prices “is far from over”.

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At the beginning of his speech at an event at the White House on the occasion of the signing of a law for the medical care of veterans of the armed forces exposed to toxic fumes, Biden made a brief reference to the inflation data published today.

The president also called on Congress to “immediately” approve the Inflation Reduction Law to face the “headwinds” that could impact the world’s largest economy in the coming months.

The aforementioned law was approved by the Senate on Sunday and now has to pass the process of the House of Representatives, where given the Democratic majority it is expected to pass without difficulties.

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We must pass the Inflation Reduction Act immediately, get this shocking law passed by Congress to keep inflation from getting worse and keep moving in the right direction”, the president said this Wednesday, a few hours after learning that prices remained stable in July and year-on-year inflation fell six tenths, to 8.5%.

With the “global challenges“facing the country from war in Europe, disruption to supply chains and pandemic lockdowns in Asia,” he added, “we may face additional headwinds in the coming months”.

Biden celebrated the data published this Wednesday by the Bureau of Labor Statistics (BLS), which shows that “the economic plan is working”, although the work of the Executive to contain prices “It’s far from over”, added the president.

If we combine this with the employment data announced last week, which shows a creation of 520,000 jobs and a rate of 3.5%, it is a sign of the type of economy that we have been building.Biden added.

The year-on-year drop in prices has come after consumer prices have remained stable (0%) this month, thanks mainly to the drop in gasoline prices, which was 7.7% in July.

The drop in the inflation rate gives a little respite to the US economy, which at the end of July entered what experts consider a technical recession by chaining two quarters of falls in gross domestic product (GDP).

A diagnosis that, however, is not shared by the government headed by Joe Biden, who does not believe that the country is in a recession scenario given the robustness of its economy.

Source: Gestion

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