(Washington Insider Magazine)- As he confronts a lowering inflation report during the final weeks before the midterm elections, President Joe Biden is planning to bring to light his government’s efforts to reduce the prices on prescription drug on Friday as part of his 3-state Western trip this week.
Biden will interact with seniors and advocate his government’s efforts to lower inflation and bring down costs while addressing a community college in Irvine, California, ABC NEWS reported. The visit comes as it was revealed that millions of recipients of Social Security will increase by 8.7% in 2023. Although this is a historically high rise, the rising cost of living will somewhat balance it.
Inflation is on the rise despite all the efforts, and Republicans are taking advantage of higher costs by spotting opportunities in California and other states to potentially win seats in the U.S. House. Before returning to the East, the president also will argue his case in Oregon as independent voters split their votes in the typically Democratic governor’s race.
The fastest increase in consumer costs in forty years occurred in September, when they increased 6.6% from a year earlier, excluding fluctuating energy and food prices. Additionally, such core prices increased 0.6% for a second consecutive month, confounding forecasts for a slowdown and showing that the Fed’s several rate rises have not yet succeeded in reducing inflationary pressures. A clearer view of underlying price patterns is often provided by core pricing.
On Thursday, Biden stated that “Americans are squeezed by the cost of living. It’s been true for years, and folks don’t need a report to tell them they’re being squeezed.”
In order to highlight his administration’s attempts to reduce expenses even as inflation rises, Biden also made use of a metaphor he frequently used during his initial year in office, speaking about issues that Americans discuss over the “kitchen table”.
The U.S. Department of Health and Human Services will be issued an executive order that Biden will sign to look for other methods to reduce drug prices, the White House said.
