The politics of inflation took a sharp turn Wednesday with a report showing consumer prices rose at the slowest pace since the early months of Joe Biden’s presidency.
WASHINGTON—
Biden’s team was quick to seize on the inflation report as proof that its policies are delivering results. Defying expectations that Federal Reserve efforts to combat inflation would cause layoffs, the unemployment rate is healthy at 3.6 percent. “We’ve got to get this skyrocketing inflation and reckless spending under control and stop expecting our kids and grandkids to pay the bill,” Scott said. “That’s how we protect the American dream.”
But by an internal White House analysis, this argument looks outdated: A single hour of work 12 months ago could only pay for 5.5 gallons of gas, a figure that has since risen to a bit more than 8 gallons. The increase appears to reflect a 27 percent drop in prices at the pump compared with a year ago, and also average wage gains of about 5 percent.
As the 2024 presidential election approaches, Biden has gone on the offensive about the economy, giving speeches that try to draw a link between his actions and new construction projects and investments by companies. The economy has been a vulnerability for Biden, with just 34 percent approving of his leadership on the issue in a June AP-NORC poll.
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