President Biden said Thursday’s report showing inflation easing demonstrates that his economic plan is working, but said it would take more time to control rising costs.
Consumer inflation declined to 7.7% year-over-year in October, marking a slowdown from last month’s 8.2% figure, the government said Thursday. Core inflation, which excludes food and energy costs, rose 6.3% over the past year, and 0.3% from September.
The figures were lower than economists’ expectations.
“My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength,” Mr. Biden said. “It will take time to get inflation back to normal levels — and we could see setbacks along the way — but we will keep at it and help families with the cost of living.”
Rep. Kevin Brady of Texas, top Republican on the House Ways and Means Committee, said the inflation data shows American workers are still falling further behind.
“With persistent and high inflation for the foreseeable future, American workers saw yet another paycut in their real wages last month,” Mr. Brady said in a statement. “Housing prices for the past year have hit the highest in history, making President Biden’s promises of affordable housing another bitter pill for Americans hoping to buy their starter home.
He said, “What will President Biden do differently to change his cruel economy in which so many Americans are struggling? His answer is ’nothing.’ What a shame.”
Mr. Biden’s approval rating has suffered amid a persistently dire economic outlook as Americans see costs rise at checkout lines and at the pump. Inflation hit a 41-year high last summer of 9.1%.
Economic anxiety was top of mind for Americans as voters headed to the polls for Tuesday’s midterms. Worries about the economy contributed to a significant loss of Democratic seats in the House.
While Republicans are on track to control the chamber, the overwhelming GOP sweep that was anticipated ultimately did not pan out.
Mr. Biden said his main takeaway was not to change his approach to governing.
“I’m not going to change anything in any fundamental way,” the president said at a rare press conference in the East Room of the White House on Wednesday. “We’re just getting started. While the press and the pundits were predicting a giant red wave, it didn’t happen.”
He doubled down in defense of his agenda Thursday while pledging to work across the aisle to bring prices down.
“I will work with anyone — Democrat or Republican — on ideas to provide more breathing room to middle-class and working families,” he said. “And I will oppose any effort to undo my agenda or to make inflation worse.”
“We are on the right path — we need to keep moving forward to build an economy from the bottom up and the middle out,” he said.
• Joseph Clark can be reached at jclark@washingtontimes.com.
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