Following a Bureau of Labor Statistics report that showed inflation is now at 8.6% – a 41-year high – Biden insisted that rising costs are his “top priority,” but claimed there’s not much he can do about them.
“While it is good to see critical ‘core’ inflation moderating, it is not coming down as sharply and as quickly as we must see,” he said.
“Putin’s price hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases.”
Biden also took a shot at oil companies, accusing them of refusing to increase supply.
“They have 9,000 permits to drill. … Why aren’t they drilling?” Biden demanded. “Because they make more money not producing more oil.”
He urged “the oil and gas and refining industries in this country not use the challenge created by the war in Ukraine as a reason to make things worse for families with excessive profit taking or price hikes.”
Biden also blamed Republicans, accusing them of trying to “raise taxes” on middle class families even though they have announced no such plan, and despite the fact that Democrats control both chambers of Congress.
“We all have work to do to get inflation down. What will not help is the plan by some Republicans in Congress to raise taxes on the middle class and working families,” Biden obfuscated.
“That would be a step in the wrong direction, and I strongly oppose it.”