‘Too many things unaffordable:’ Biden fires

‘Too many things unaffordable:’ Biden fires up price wars as inflation cools."

New data from the Federal Reserve suggests that inflation cooled in November, adding to a flurry of good economic news for the White House.
Biden did not declare victory and focused instead on what the data does not show.
“I know many Americans still find too many things unaffordable,” Biden said Tuesday.

New data from the Federal Reserve suggests that inflation further cooled in November. But President Joe Biden’s crusade to convince voters that his economic policies work is far from over.

Inflation grew 0.1 percentage point more slowly last month than it had in October, according to the Fed’s Consumer Price Index released Tuesday. The deceleration was driven by a drop in energy prices, which offset an increase in food and housing prices.

The news bore all the hallmarks of the “soft landing” the White House has promised for the past year, especially buoyed by even more recent economic data, such as strong jobs numbers and rising consumer confidence.

Yet, Biden was acutely aware of its limitations. “Despite this progress, I know many Americans still find too many things unaffordable,” Biden said in a White House statement in response to November’s CPI.

Instead of taking a routine victory lap, the president doubled down on the war, pledging to do himself what the Federal Reserve’s interest rate hikes have not: Make things cheaper.