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Biden vows to bring down inflation as midterm elections loom

US President Joe Biden speaks during a campaign fundraising event for US Rep. Mike Levin (D-CA) in San Diego, California, US, November 3, 2022. (Reuters photo)

US President Joe Biden has vowed to keep working to bring down inflation following a jobs report that showed a higher unemployment rate, as his Democratic Party heads into the midterm elections which they are likely to lose to the Republicans

“Let me be clear. We’re going to do what it takes to bring inflation down. But as long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs. Or that too many working Americans finally have more dignity in the workplace. Or that our largest, most profitable corporations shouldn’t have to pay their fair share,” Biden said in a statement on Friday.

“I will continue to work for an economy built from the bottom up and the middle out, not the top down as my Republican friends would have,” he added.

Biden claimed that the economy “continues to grow and add jobs even as gas prices continue to come down,” while accusing Republican leaders of “rooting for a recession.”

A report published last month on inflation showed prices in the US are rising more than expected.

The report marks potential bad news for Biden and Democrats who are desperate to retain control of Congress and must try to convince voters deeply concerned about high prices that they can help drive inflation down.

Biden said in his statement on Friday that inflation is the top economic challenge and that he has a plan to bring down prices by lowering healthcare costs and energy costs.

“The Republican plan is very different. They want to increase prescription drug costs, health insurance costs, and energy costs, while giving more tax breaks to big corporations and the very wealthy. Here’s the deal: cutting corporate taxes and allowing big pharma to raise prices again is the Republican inflation plan and it’s a disaster,” Biden said.

The inflation was driven by soaring rents and food costs and reinforces the expectation that the Federal Reserve will deliver a fourth 75-basis-point interest rate hike next month, according to Reuters

Recent opinion polls have depicted a gloomy landscape for Democrats as they gear up for the 2022 midterm elections.

A recent USA TODAY/Suffolk University Poll found that Republicans maintain a clear lead on the congressional ballot over Democrats as Biden's approval rating plunges to a new low of 38 percent.

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