President Biden on Monday touted his administration's achievements in improving the economy, but noticeably failed to address key developments that have bit into the pocketbooks of many Americans.
The Labor Department released a report earlier this month showing that consumer inflation, propelled by surging costs for gas, food and housing, jumped nearly 8% over the year – the sharpest spike since 1982.
Housing costs, which make up about a third of the government’s consumer price index, have risen sharply as well. Vehicles wait in line to refuel at a Costco gas station in the South of Downtown neighborhood of Seattle, Washington, U.S., on Wednesday, March 9, 2022. Meanwhile, the national average price for a gallon of regular gasoline reached $4.33 a gallon last week. Even though the price dipped slightly over the weekend, signs of longer-term relief are still hard to find. Drivers were paying $2.88 a gallon on average a year ago at this time. Biden canceled the Keystone XL pipeline via executive order, and paused oil and gas leasing on federal lands, and oil prices rose steadily afterward.
Federal Reserve Chairman Jerome Powell said Monday that the Federal Reserve would raise its benchmark short-term interest rate faster than expected, and high enough to restrain growth and hiring to fight inflation.
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