November 30, 2022

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Biden says inflation will “rise” if Republicans take control of Congress

Biden downplays possibility of

president Biden said During a speech in California, prices and inflation would rise if Republicans took control of Congress after the November midterm elections.

Biden made these comments during an event in Irvine, California, On Friday, he warned Americans that inflation and prices in general would rise if Republicans took control of Congress.

“That’s the bottom line,” Biden said. “So please listen to this. When it’s time to do something about inflation around the table, Republicans in Congress say ‘No’.”

“If the Republicans take control, prices will go up, and so will inflation, it’s that simple,” he added.

The analysis suggests that the law to reduce inflation will reduce annual inflation by only 0.1 percentage point

President Biden visits IBM to announce a $20 billion investment in Hudson Valley.
(Fox News Digital live photo)

His comments come just a day after the Labor Department released updated CPI figures that show prices for everyday goods including groceries, rent and gasoline rose 0.4% in September from the previous month.

The number was higher than expectations of a 0.2% monthly increase from economists at Refinitiv.

Core prices, excluding food and energy, rose 0.6%.

Grocery prices are up 0.7% in September, and 13% over the past 12 months.

After the inflation figures were announced, the White House released a statement from Biden, saying that “some progress” had been made.

“Today’s report shows some progress in combating price hikes, even with more work to be done. Inflation over the past three months has been at 2% at an annual rate. That is down from 11% in the previous quarter,” Biden said. “But even with this progress, prices are still very high. Fighting the global inflation that is affecting countries all over the world and families working here at home is my top priority.”

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Inflation rose more than expected in September because prices are still too high

President Joe Biden waves before boarding Air Force One on a flight to Florida to visit Hurricane Ian-affected areas, Wednesday, Oct. 5, 2022, at Andrews Air Force Base, Maryland.

President Joe Biden waves before boarding Air Force One on a flight to Florida to visit Hurricane Ian-affected areas, Wednesday, Oct. 5, 2022, at Andrews Air Force Base, Maryland.
(AP Photo/Gemunu Amarasinghe)

In the statement, Biden also echoed comments claiming that inflation would rise further under a Republican-controlled Congress, as they want to repeal the Inflation Cut Act.

“The first priority for Republicans in Congress is to repeal the Inflation Act,” Biden said. “This is exactly the wrong thing to do at this moment. If the Republicans take control of Congress, the daily costs will go up – not down.”

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US President Joe Biden leaves Holy Trinity Church before attending the Phoenix Awards Dinner in Washington, DC, United States, on Saturday October 1, 2022.

US President Joe Biden leaves Holy Trinity Church before attending the Phoenix Awards Dinner in Washington, DC, United States, on Saturday October 1, 2022.
(Samuel Corum/Bloomberg via Getty Images)

Over the next five years, the Inflation Reduction Act is expected to reduce annual inflation by just 0.1%, according to the University of Pennsylvania Ben Wharton Analytics.

Aubrey Spade and Megan Heaney of Fox News contributed to this report.