The Biden administration is taking steps to contain voter outrage over surging inflation, but the initiative comes after critics say the White House misjudged the economic situation.
Biden called reversing the inflation trend a "top priority" and acknowledged that higher prices hurt Americans' pocketbooks in a statement after the report. Still, the president continued to blame supply chain disruptions and rising energy costs for the headline inflation spike, and argued that the bipartisan infrastructure bill – which included $500 billion in new funding – would help alleviate those problems.
"We’ve never had this kind of growth in 60 years, but inflation is affecting people’s lives," Biden said in December. "The reason why… economists think [Build Back Better] is going to, in fact, diminish the impact on inflation is because it’s reducing costs for ordinary people.". In another blow to Biden, Powell admitted that inflation may not be temporary and signaled that interest rate hikes were coming sooner than expected. The central bank also doubled its reduction of bond purchases to $30 billion a month.
"At the same time, this report underscores that we still have more work to do, with price increases still too high and squeezing family budgets," the president said. "Inflation is a global challenge, appearing in virtually every developed nation as it emerges from the pandemic economic slump. America is fortunate that we have one of the fastest-growing economies.", notching another four-decade high of 7.5%, the Labor Department reported in February.
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