Republicans are ecstatic that Biden is struggling with inflation: 'This is a gold mine for us'
Republicansare striking a gleeful tone at Biden's latest economic challenge: rising inflation.
- "This is a gold mine for us," Sen.
Rick Scotttold the Wall Street Journal.
Key Republicans are sounding gleeful that President Joe Biden faces new political headwinds in the form of rising inflation.
"You can see what's going to happen next. We're going to continue to have inflation, and then interest rates will go up," Sen. Rick Scott of Florida, the head of the Senate GOP's fundraising arm, told the Wall Street Journal.
"This is a gold mine for us," he said.
Republicans are stepping up their political attacks against Biden and
That doesn't mean Americans are patient with rising prices. The White House has long dismissed the threat of inflation as "transitory," meaning it would be short-lived. But prices jumped over 6% in October, pushing inflation to a 30-year high and there's few short-term solutions for the Biden administration. Federal Reserve chair Jerome Powell said he expects inflation to last well into next year, abating once the supply chain is unclogged.
"We still face challenges, and we have to tackle them," Biden said from the Port of Baltimore. "Many people remain unsettled about the economy, and we know why. They see higher prices. They go to the store or go online and can't find what they want."
Republicans view it as a winning issue for them heading into next year's midterms as Biden's poll numbers sag, threatening Democrats with the loss of their narrow Congressional majorities.
The Biden administration argues their $1.8 trillion social spending bill will cut prices for families by expanding access to healthcare, childcare and more.
Yet Sen. Joe Manchin of West Virginia, a key vote in the 50-50 Senate, is warning about an "inflation tax" hitting Americans and wants to slow down the bill's passage.
- 'Die-hard' Nintendo fan spent over $40,000 buying stock and then asked top executives why the company won't make more of a fan-favorite series
- Mark Zuckerberg told Meta staff he's upping performance goals to get rid of employees who 'shouldn't be here,' report says
- Four-days work week, full and final settlement within 2 days of exit — new changes at workplaces to reflect from July 1
- It’s not the CM seat but the one who wields ‘bow and arrow’ will be the Sena head
- SIMPLY PUT: extreme weather is the new normal in India
- Antonia Wade, PwC's global CMO, tells Insider how B2B spending changes in tough economic times
- Ban on single-use plastic kicks in across India as the country recognises the choking impacts of plastic waste on the environment
- Bank FDs will draw down from mutual funds if interest rates go up to 7.5-8%, says report