Some experts think that President Joe Biden is facing an uphill climb to re-election given the lingering state of inflation, according to a report by Fox News:
“Inflation currently sits at 3.3% year over year, according to Department of Labor statistics. Although down from a near-record high of 9.1% in June 2022, it’s still higher than at any point in the last decade prior to Biden taking office.
“The Federal Reserve on Wednesday announced it would maintain the federal funds rate range at 5.25% to 5.5%, where rates have held steady since last July, an expected decision considering inflation rose less than predicted for the 12 months ending in May and the core Consumer Price Index rose a better than expected 3.4%.
“Fed Chair Jerome Powell said the report builds confidence that inflation is moving toward the 2% target, but he also said more evidence is needed before the central bank begins easing policy.
“Economist Peter Morici said the report was ‘certainly good news’ for Biden, but noted that ‘prices are still up, and it’s only one report.’ He also pointed to factors that influenced the report as not being pocketbook issues for most Americans.
“… Dr. Arthur Laffer, an economist who served in both the Reagan and Trump administrations, said he couldn’t predict how the economy and inflation would affect the overall results of the upcoming election, but he argued the Biden administration had broken the major ‘kingdoms’ of economics, namely by going in the wrong direction on taxes, government spending, monetary policy, regulation and trade.”
To read the entire article by Fox News, please click HERE.