Breaking: Biden Warns “Inflation Will Take Time” To Recede

US President Joe Biden cautioned on Friday that ““it’s going to take time to get inflation back down to normal levels.”, but he assured that legislation he signed earlier this year will help limit costs for health care and energy.

However, he said that “in six short weeks, Americans are going to start to feel the effects of the Inflation Reduction Act,” the massive legislation that he signed in August.

Biden also made the remarks while meeting with business and labour leaders in the president’s first public event since coming back from an world trip to Egypt, Cambodia and Indonesia.

Biden was 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 robust jobs market was Biden’s vehicle to alleviate concerns about a potential recession. The Fed continues to try to slow economic growth by raising interest rates to fight inflation.

It seems that there is a sensitive situation that Biden will have to tackle within his economic team after news reports said that Cecilia Rouse will leave the administration in the spring, according to a White House official.

Treasury Secretary Janet Yellen, has said she wants to continue in the administration. “I plan to stay,” she told MSNBC last month. “I am very excited about the president’s economic program. There is a lot to implement.”

There was additional turnover in the Biden administration earlier this month when Chris Magnus, former head of US Customs and Border Protection, was forced out of his job. At Friday’s event, Biden said his trip overseas showed “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.”


Thousands of dollars in tax credits also will become available to help make homes more energy efficient with new windows, solar panels or heat pumps. “We’re talking about real money . . . and it’s just going to start kicking in now,” Biden said.

The focus on the economy could serve as a contrast to Republicans’ agenda in the House, where they just won a narrow majority and have planned sweeping investigations into the president, his family and his administration.