Joe Biden Says Inflation Will “Rise” If GOP Takes Control of Congress

Joe Biden Says Inflation Will “Rise” If GOP Takes Control of Congress

Joe Biden warned Americans that inflation, along with prices in general, will rise if Republicans gain a majority in Congress after the November midterm elections.

President Joe Biden said in a speech in California that prices and inflation will rise sharply if the Republican Party takes control of Congress after the midterm elections to be held next November.

The president made the comments at an event in Irvine, California, where he warned attendees that inflation, along with prices in general, will rise if Republicans win a majority in Congress.

“This is the final result. So please listen to this. When it comes time to do something about inflation at the table, Republicans in Congress say ‘no,'” Biden said.

“If the Republicans take over, prices are going to go up, as well as inflation, it’s that simple,” he added.

His speech came on the occasion of the Department of Labor releasing updated consumer price index figures showing that the cost of everyday goods, including groceries, rent and gasoline, increased 0.4% in the month of September in comparison with August.

The numbers beat the forecast monthly increase of 0.2% forecast by Refinitiv economists.

Core prices, which exclude food and energy, increased 0.6%.

Also, food prices rose 0.7% in September and 13% in the last 12 months.

After the inflation numbers were released, the Biden administration released a statement, saying “some progress” had been made.

“The report shows some progress in fighting higher prices, even as we have more work to do. Inflation in the last three months has averaged 2%, at an annualized rate. That is down from 11% in the previous quarter,” the president said.

“But even with this progress, prices are still too high. Fighting global inflation that is affecting countries around the world and working families here at home is my top priority.”

In addition, in the statement the US executive echoed comments that argue that inflation would rise even more under the control of Republicans in Congress, since they want to repeal the Inflation Reduction Act.

“The number one priority for Republicans in Congress is to repeal the Inflation Reduction Act,” the president said. “That is exactly the wrong thing to do right now. If Republicans take control of Congress, daily costs will go up, not down.”

Over the next five years, the Inflation Reduction Act is expected to reduce annual inflation by 0.1%, according to an analysis by Penn Wharton of the University of Pennsylvania.

Ben Oakley
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