President Biden released an official statement Friday after new economic data showed America’s inflation rate jumping 6.8% in November, the fastest pace since the aftermath of the Carter Administration in 1982.
“Today’s numbers reflect the pressures that economies around the world are facing as we emerge from a global pandemic — prices are rising. But developments in the weeks after these data were collected last month show that price and cost increase are slowing, although not as quickly as we’d like,” writes Biden.
“Half of the price increases in this report are in cars and energy costs from November. Since then, we have seen significant energy price reductions. Gas prices nationally are down from their peak; prices in 20 states are already below their 20-year average and the price of natural gas is down 25% from its November average. On cars, we have in recent weeks begun to see a decline in used car prices on the wholesale market which should translate into lower prices for Americans in the months ahead,” he adds.
“Finally, the challenge of prices underscores the importance that Congress move without delay to pass my Build Back Better plan, which lowers how much families pay for health care, prescription drugs, child care, and more. American families should not have to wait to get relief on the cost of prescription drugs like insulin, or see their childcare costs cut by more than half. Independent economists have projected that this plan will save a typical family of four $7,400 every year — while easing long-run inflationary pressures on our economy. For anyone who, like me, is concerned about costs facing American families, passing BBB is the most immediate and direct step we can take to deliver,” writes the President.
Read Biden’s full statement here.
CARTER 2.0? Gas Runs Dry After Pipeline Cyberattack, Long Lines in NC, SC, FL, VA
A cyberattack against a major energy pipeline along the East Coast caused fuel shortages in states like Florida, Virginia, and South Carolina Tuesday as security experts scrambled to get the key piece of infrastructure back online.
“Drivers along parts of the East Coast are feeling the immediate effects of the shutdown of the Colonial Pipeline following a ransomware attack, reports CBS News’ Laura Podesta. Some waited an hour or more on lines at gas stations before filling up or learning the pumps had run dry,” reports CBS News.
— Chaunte' Turner (@ChaunteLive5) May 11, 2021
“It was unbelievable. When I was driving today, I thought it was a catastrophe coming! I’ve seen all these cars waiting and I was like, ‘OMG. I have to fill my tank up!’” said one local in South Carolina.
Gas prices jumped six cents within 24 hours, raising the national average to nearly $3 per gallon.
“If this outrage goes past the end of the week … prices could spike pretty dramatically,” said Kevin Book of Clearview Energy Partners.
Read the full report here.
CARTER 2: Biden Refuses to Comment on Whether Colonial Pipeline Paid Hackers Millions in Ransom
President Joe Biden refused to comment Thursday on whether Colonial Pipeline paid an eastern European hacker group upwards of $5 million in ransom money to re-open the pivotal piece of infrastructure here in the United States.
“Were you briefed on the fact that the company did pay the ransom?” asked one reporter.
“I have no comment on that,” said Biden quietly into the camera.
President Biden has "no comment" on reports that Colonial Pipeline paid a ransom of almost $5 million to the hackers responsible for the cyberattack.
— Washington Examiner (@dcexaminer) May 13, 2021
A series of critical problems plagued the Biden campaign in recent days, reminding many Americans of the hardships during the late 1970s under President Jimmy Carter.
Significant issues include the threat of inflation, lower-than-expected job growth, tensions in the Middle East, and gas shortages following a cyberattack against a pivotal energy pipeline in the southeast.
Despite the pipeline re-opening late Wednesday night, thousands of stations throughout the southern United States remain without gasoline.
“His team no doubt was prepared to unleash Biden to perform a little victory dance at the White House celebrating the stupendous number. But the show had to be hastily revamped when the actual tally came in nearly three-quarters-of-a-million jobs lower than expected; just 266,000 jobs created and unemployment unexpectedly rising to 6.1%,” reports Fox News.
“Today, there is more evidence our economy is moving in the right direction,” Biden said. “This is progress. This is a testament to our new strategy,” he said. “We’ve got work to do, to state the obvious, we have work to do.”
“U.S. Customs and Border Protection revealed Tuesday that migrant encounters jumped yet again this past April: over 178,000 in all, nearly a tenfold increase from 2020 and still above levels seen in the 2019 surge at the Mexico border,” adds Fox.
Read the full report here.
Watch Biden’s comments above.