But without many options to fight price hikes, the President is expected on Tuesday to focus on drawing a contrast between his economic policies and the plan put forward by the leader of the Senate Republicans’ campaign arm, Sen. Rick Scott of Florida. The President has been leaning into criticizing what he describes as an “ultra-MAGA agenda” on the right as part of his messaging heading into November’s midterm elections.
“He’ll lay out the stark choice: Ask the wealthy to pay their fair share, as he is proposing, or put Medicare, Social Security, and Medicaid on the chopping block every five years, which is what Congressional Republicans are proposing,” the White House official said.
The White House has been trying for months to demonstrate its commitment to dampening inflation and bringing down soaring prices that are placing stress on millions of American families. But the President acknowledged earlier this month there is little he can do to lower the cost of gasoline or food in the immediate term.
Measures that Biden has taken to try and combat price hikes — such as record-breaking releases of crude oil from the US’ strategic reserve — have not worked; for the first time ever, a gallon of regular gas now costs $5 on average nationwide, according to AAA’s Saturday reading.
“We know that families are concerned about inflation and the stock market. That’s something that we are aware of. We know that what we’re seeing right now is what we’re facing are global challenges,” White House press secretary Karine Jean-Pierre told reporters Tuesday.
She added, “The American people are well positioned to face these challenges because of what we’ve done the past year and a half on dealing with the economy… but yes, we are watching this closely.”
US stocks have plunged into a bear market, which happens when stocks close down 20% or more from their most recent high. A closely watched inflation report showed prices rising 8.6% in May, which is the fastest rate since 1981.
