President Biden claimed his economic plan is working, as he issued a statement Thursday evening boasting that Americans are “starting to feel” its impact.
“Gems, my economic plan is showing results. People are starting to feel it,” Biden said in a video shared on Twitter. “We are making progress in reducing inflation without losing jobs.”
He added, “Americans are already paying about $1.20 less per gallon of gas than they were this summer.”
Gas prices were at their highest on record this summer, and some experts attributed that to Biden’s disruption of domestic oil production and oil companies not increasing their supplies.
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“People are seeing a much-needed pause in inflation at the grocery store as we head into the holidays. People are buying health insurance and [are] continue to save $800 a year because of the actions we took,” Biden added.
Economic reports for the month of October showed that inflation cooled more than expected.
However, consumer prices remain near multi-decade highs, the burden of which continues to be borne primarily by US households and small businesses who are forced to pay more for everyday necessities.
The Labor Department said in a consumer price index report Thursday that the cost of groceries rose 0.5 percent, bringing the 12-month increase to 12.4 percent. Consumers also continue to pay more for items such as cereals, bread, fresh fish and seafood, eggs and fresh vegetables such as tomatoes and lettuce.
“And it’s going to take time to get inflation back to normal levels, but we’re going to keep it,” Biden continued.
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While most voters say the country is headed in the wrong direction, Biden said everything is going according to plan. He also said economic forecasts were on the upswing.
“We’re on the right track,” he said. “We are not losing jobs. In the meantime, I will continue to fight to build an economy from the bottom up and the middle out.”
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The president’s message comes shortly after Tuesday’s midterm elections in which Democrats performed better than expected and many Republicans underperformed. Majorities in the Senate and House are still in line as votes are counted in several states.
Megan Henney of FOX Business contributed to this report.