President Biden's administration is admitting there has been slow progress on combating inflation, despite years for Biden saying it is a 'top priority.'
Federal Reserve chairman Jerome Powell admitted that President Biden's administration has failed to shrink inflation, years after Biden declared it a 'top priority.' Powell made the comments during an address at a U.S.-Canada policy forum on Tuesday. He indicated that the Fed is unlikely to shift its interest rates until the inflation rate shrinks further.
Fighting inflation remains my top economic priority. We’re making progress: wages are rising faster than prices, incomes are higher than before the pandemic, and unemployment has remained below 4% for the longest stretch in 50 years,' he said in a statement reacting to the Consumer Price Index from March. Inflation and the economy remain a top issue for voters going into the 2024 elections, with most polls showing it is the number two topic for most Americans, just behind immigration.
The issue has Trump gaining ground even among traditionally pro-Democrat demographics. A poll last week from Axios/Ipsos found that 20% of Latinos think Biden is 'good for the U.S. economy,' while 42% of respondents said the same about former President Trump. When it comes to immigration, 22% said Biden is 'good' on the issue, while 29% said the same for Trump.
Biden also underperformed in the poll compared to the Democratic Party in general, with the party beating its presidential candidate by 1% to 2% on each poll question.
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