President Joe Biden is facing renewed criticism for his economic policies following the recently released Consumer Price Index’s (CPI) December 2024 report.
The CPI report outlines inflation rose 2.9% for the month of December, increasing the accumulated inflation Americans experienced under President Biden to 20.7%.
Conservatives have consistently criticized Biden’s economic policies as inciting inflation through excessive spending.
Biden has repeatedly defended his economic policies, alleging his administration has produced “one of the most extraordinary periods of progress ever.”
Shortly after the CPI’s report’s release, the U.S. Congressional Joint Economic Committee Republicans published data demonstrating how Biden’s economic policies rose prices for Americans across all aspects of life.
The data outlines how products such as energy, food, household services, and transportation have experienced inflationary rates of 30.1%, 23.1%, 24.1%, and 57.3%, respectively.
“Americans have felt inflation at every turn," critiqued the economic committee Republicans.
Joint Economic Committee Democrats have yet to comment on the latest CPI data.
Former President Barack Obama, however, praised Biden for his economic record.
“At a time when our economy was reeling, (Biden) drove what would become the world’s strongest recovery – with 17 million new jobs, historic wage gains, and lower health care costs,” said President Obama.
Economists have demonstrated wage gains have not surpassed inflation, resulting in a decrease of purchasing power for Americans.
Florida Senator Rick Scott (R) characterized Biden’s presidency as one whose economic policies “wreaked havoc” on American families.
“Americans clearly want change in Washington to turn our economy around and end the inflation nightmare this administration has created,” said Scott.
