To expedite the export of Ukrainian grain, Biden said the US was working to build temporary silos in Poland and other places along the Ukrainian border. “I have a plan to bring down the cost of gas and food,” he said. In addition to tapping the nation’s Strategic Petroleum Reserve and working with European partners on plans to get Ukrainian grain to market, Biden cited proposals aimed at bringing down the cost of child care and prescription drugs and said the wealthiest Americans must “pay their fair share” in taxes. A choice between a government by the few for the few, or government for all of us,” Biden said. The fastest inflation in four decades is overshadowing Biden’s narrative about a historically strong economic recovery - in turn threatening to overturn Democrats’ congressional majority in November midterm elections.īiden name checked Republican senators Ted Cruz of Texas, Ron Johnson of Wisconsin and Rick Scott of Florida, accusing them of wanting to gut Social Security, Medicare and Medicaid. Read more: Bond Yields, Dollar Surge With Fed Bets as Recession Risk Grows The cost-of-living crisis has also tipped US equities into a bear market. ![]() Worsening inflation will probably force Federal Reserve officials into considering a 0.75 percentage-point interest-rate hike on Wednesday, Bloomberg and other media reported Monday. It was Biden’s latest attempt to reassure the public after consumer prices soared an annual 8.6% in May, driven in part by record-high gasoline prices that have topped $5 a gallon. ![]() ![]() He added: “I’ve never been more optimistic about America than I am today. “I truly believe we made extraordinary progress by laying a new foundation for our economy, which becomes clear once global inflation begins to recede,” Biden said Tuesday at a meeting of the AFL-CIO, the biggest US labor confederation, in Philadelphia. (Bloomberg) - President Joe Biden sought to portray Republicans as a threat to voters’ health care and pensions, while insisting the country’s economic prospects are strong despite signals a recession may loom.
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