Biden to address state of US economy as inflation hits 31-year high – live - The Guardian

The Biden administration has asked a court to immediately lift a stay on a rule requiring employees of large businesses to get vaccinated against coronavirus.

Speaking at yesterday’s briefing, press secretary Jen Psaki noted the Biden administration is using a variety of tools to address high gas prices.

Senate Republicans’ campaign arm is using high gas prices to attack Democrats as Americans travel for Thanksgiving, which the country will celebrate on Thursday.

Americans on the road for Thanksgiving will be reminded of high gas and grocery prices with an ad push from the Republican Senate campaign arm airing at gas stations across the country this week.

Republicans, who have been attacking Joe Biden over the rising prices of gas and groceries, criticized the release of oil from the strategic reserve as a political ploy

Joe Biden announced this morning that his administration will release 50m barrels of oil from the strategic petroleum reserve to help address high gas prices

The president said on Twitter that the action “will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom”

Today I'm announcing action to lower the cost of gas and oil for American families

The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans

The news comes as gas prices have increased by 49.6% over the past year, bringing the national average for a gallon of gas to $3.40, per AAA

“As we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price,” energy secretary Jennifer Granholm said in a statement

“By all accounts, the threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse,” Manchin said earlier this month

“From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.”

Joe Biden’s nominees for the Federal Reserve board have also pledged to tackle inflation aggressively if they are confirmed by the Senate

Jerome Powell, who has been nominated to a second term as the chair of the Fed board, said yesterday, “We know that high inflation takes a toll on families, especially those less able to meet the higher costs of essentials, like food, housing and transportation.”

Powell, who was first nominated by Donald Trump, said he would use the tools of the central bank “to prevent higher inflation from becoming entrenched”

Dr Lael Brainard, Biden’s nominee for vice-chair of the board, echoed that message, saying, “I’m committed to putting working Americans at the center of my work at the Federal Reserve

Joe Biden will deliver a speech this afternoon on the state of the US economy and the need to lower prices for American families

The president’s speech comes as inflation has hit a 31-year high, with prices increasing by 6.2% over the past 12 months

And Americans are growing more concerned about high prices as they continue to rise

Speaking at an event yesterday to announce his nominations for the Federal Reserve board, Biden said, “Because so much of the rest of our economy is doing well, because we have created so many new jobs as fast as we have, we’re in a position to attack inflation from a position of strength, not weakness.”

But if Americans don’t start to see prices come down soon, it could make it all the more difficult to enact Biden’s agenda