President Biden to speak on his plan to tackle inflation on Tuesday

White House officials stated that President Joe Biden would provide details about the plan for lowering costs for working families to tackle inflation. The President's approach would be the opposite of the ultra-MAGA plan of Congressional Republicans, raising taxes for 75 million American families. It also threatens to put Social Security, Medicaid, and Medicare programs to bed.
Inflation has been on the rise since August 2021 and it has been a full year since it has been out of its normal range of 2% to 4%. December 1981 was the last time the Consumer Price Index rate was at 8.5%, until now. The Chairman of the Federal Reserve, Jerome Powell, stated last week that it is their job to ensure that the economy doesn't get entrenched in inflation of a high and unpleasant nature. He said this as he announced an interest rate hike by half a point to fight inflation.
Americans are still struggling to keep up with the increasing costs from the gas pump to the grocery store. Inflation has been increasing even though it is a part of the mandate of the Fed to keep prices stable. Some people believe that the Central Bank is lagging with its policy.

The President has acknowledged the rising inflation many times and still believes in the strength of the American economy. In his address at the State of the Union, he admitted that many families could not pay bills due to rising costs. He announced that it is his priority to get the rising costs under control.

A Democrat, Biden has low poll approval numbers before the midterm November elections and has strengthened his stand against the Republicans recently.