When it comes to reassuring Americans about an economy that's an election-year challenge to his party, President Joe Biden is telling the country to hold on.
will have to continue aggressive interest rate increases to temper rising consumer prices.
“This is the progress we need to see,” the president said. “In the short term, the transition to a more stable growth that continues to deliver for workers and families while bringing inflation down. In the long term, the economy built on a firmer foundation. We still have a lot of work to do. We’re building a different economy than before, a better one, a stronger one.”
While Biden is not on the ballot Nov. 8, Democratic candidates are facing relentless criticism from Republicans who want to make the election a referendum on the president's performance. With GOP ads citing inflation and high gas prices, there is growing pressure for the White House to address the public's concerns about the economy before Election Day.
“The price level is still high and headline inflation is likely to have picked up every month from July through October due to the dynamics of gas prices,” Furman said. Curtailing that, he said, “unfortunately will take a lot of time, and potentially a lot of pain, for them to succeed.”, the White House highlighted declining prices after their peak in June. But they started ticking up last month, and they have shot up more since OPEC and its partners announced severe production cuts Wednesday.
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