President Joe Biden cautioned on Friday “it’s going to take time” For inflation to receded, but he provided new assurances that legislation he signed earlier in this year would soon help reduce costs for energy and healthcare.
He made the remarks as he met with labor and business leaders at his first public event since his return from an operation in Ankara. around-the-world trip to Egypt, Cambodia, and Indonesia.
Biden has been encouraged by the Democrats’ stronger-than-expected performance in the midterm elections, but he could be entering a perilous stretch when it comes to the economy.
The White House has stressed this point a strong jobs market to Try to Be assured that there is no recession. The Federal Reserve is still there to help. to Try to Slow economic growth raising interest rates to battle inflation.
It’s a delicate situation that Biden He will be managing amid high turnover within his economic team. Cecilia Rousea labor economist who became first Black woman to work in the field of economics to According to reports, the Council of Economic Advisers will be led by the President. to A White House official.
She is to be expected to Return to Princeton University, where she was on academic leave The official was not authorized to Discuss personnel changes publicly and spoke on The condition of anonymity.
The impending departure occurs as Biden’s term reaches its halfway point, often a time of transition for a presidential administration.
Bloomberg was the first to report Rouse’s planned departure, and it said Brian Deese, director of Biden’s National Economic Council, plans to Next year, depart.
According to the official, there was no timeline for Deese to leave.
Another important component of Biden’s economic team, Treasury Secretary Janet Yellen, has said she wants to Remain in the administration
“I plan to stay,” She spoke to MSNBC last month. “I am very excited about the president’s economic program. There is a lot to implement.”
In the meantime, there was an increase in turnover Biden administration in January when Chris Magnus of U.S. Customs and Border Protection was forced out of his job.
The immigration authorities are struggling to Manage the flow of migrants toward the United States’ border with Mexico, a frequent point of criticism from Republicans.
At Friday’s event, Biden He said that his overseas trip was an eye-opener. “the United States is as well or better positioned as any nation in the world to lead the world on the economy in the years ahead.”
He admitted that “it’s going to take time to get inflation back down to normal levels.”
He said, however, that “in six short weeks, Americans are going to start to feel the effects of the Inflation Reduction Act,” The huge amount of legislation he signed in August.
He said the law’s provision to Limit to Cost of insulin for seniors: $35 on Medicare begins on Jan. 1.
Also, tax credits in the thousands will be made available to New windows, solar panels and heat pumps can make your home more efficient.
“We’re talking about real money . . . and it’s just going to start kicking in now,” Biden said.
The focus on The economy could be a contrast to Republicans’ agenda in the HouseThey just won a narrow majority in the Senate and plan to launch extensive investigations into the president, his family, and his administration.
AP writer Fatima Hussein contributed to This report.
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