Biden meets with business and labor leaders to highlight inflation progress | Economy


Biden touts ‘two extraordinary years’ of economic progress but says inflation will take time to tame

President Joe Biden is meeting with business and labor leaders to highlight recent progress in fighting inflation and stabilizing the economy, a White House official told CNN.

Biden sat down in person and virtually with top executives from companies including Ford, Kaiser Permanente and Carrier as well as the presidents of the Service Employees International Union and United Food and Commercial Workers.

The meeting is designed to draw attention to recent economic progress and seek ideas for further reducing inflation, the official said.

Biden was to be joined by Treasury Secretary Janet Yellen and her top economic adviser Brian Deese.

“Thanks to the president’s economic plan, the U.S. economy has created 10 million jobs, including 700,000 manufacturing jobs, since the start of the Biden-Harris administration,” a White House official said. “We are seeing the first signs of lower inflation: the October Consumer Price Index showed moderating inflation, as did the October Producer Price Index released this Gasoline prices continue to fall, with gasoline prices falling in all 50 states this week.”

Biden is also expected to tout key provisions of the Cut Inflation Act he signed into law last summer, which will take effect early next year.

Provisions of the law capping monthly insulin co-payment at $35 per prescription for older adults with Medicare and making certain vaccines free for Medicare Part D beneficiaries take effect Jan. 1, 2023.

The law also extended tax credits for those who buy health insurance through the Affordable Care Act markets that were due to expire at the end of this year.

Biden’s meeting with business and labor leaders comes two days after he returned from a week-long trip to several global conferences. This will be his first opportunity to highlight recent signs of slowing inflation and to tout his administration’s efforts on this front.

consumer price index slowed to a 7.7% annual gain last montha slower pace than the 8% expected by economists.

The meeting also comes on the heels of the results of the midterm elections, in which Democrats retain majority in Senate and lost control of the Housebut with a much lower margin than expected.


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