Today’s report highlights why I have made the fight against inflation my top economic priority. While it is good to see a slowdown in critical “core” inflation, it is not declining as sharply and as fast as we should see. Rising Putin’s prices hit hard in May here and around the world: high gas prices at the pump, energy and food prices account for about half of monthly price increases, and gas pump prices have risen by $ 2 a gallon to many places of Russian troops began to threaten Ukraine. Even as we continue to work to protect freedom in Ukraine, we need to do more – and quickly – to bring prices down here in the United States.
My administration will continue to do everything possible to reduce prices for the American people. Congress must also act urgently. I urge Congress to pass a bill to reduce shipping costs this month and send it to my desk so we can reduce the price of goods. And I urge Congress to pass legislation to reduce the cost of families such as energy bills and prescription drugs. The deficit has narrowed more under my watch as president than at any time in history, but if Congress passes tax reform to get the richest Americans and big corporations pay their fair share, we could reduce that inflationary pressure even further. These are the most significant things Congress can do to help families now and complement the Federal Reserve’s efforts to reduce inflation.
Pump prices are a major part of inflation, and the war in Ukraine is the main reason for this. The United States is on track to produce a record amount of oil next year, and I’m working with the industry to accelerate that production. But it is also important that the country’s oil and gas and refining industries do not use the challenge posed by the war in Ukraine as a reason to make things worse for families with excessive profits or price increases.
We all have work to do to reduce inflation. What will not help is the plan of some Republicans in Congress to raise taxes for the middle class and working families. That would be a step in the wrong direction, and I strongly oppose it.
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