President Biden claimed his economic plan is working, issuing a statement Thursday night to boast that Americans are “starting to feel” its impact. “My friends, my economic plan is showing results. People are starting to feel it,” Biden said in a video shared on Twitter. “We are moving forward to reduce inflation without losing jobs.” He added: “Americans are already paying about $1.20 less per gallon of gas than they were this summer.” Natural gas prices were at their highest on record this summer, and some experts attributed that to Biden’s shutdown of domestic oil production and failure to allow oil companies to boost supplies. INFLATION HOLDS US ECONOMY IN OCTOBER AS PRICES REMAIN RECORDLY HIGH US President Biden in the State Dining Room at the White House on November 9, 2022 in Washington, DC (Samuel Corum/Getty Images / Getty Images) “People are seeing a much-needed break in grocery inflation as we head into the holidays. People are shopping for health insurance and [are] continuing to save $800 a year because of the actions we took,” Biden added. Economic reports for October showed that inflation fell more than expected. Consumer prices, however, remain near a multi-decade high, the burden of which continues to be borne mainly by US households and small businesses who are forced to pay more for everyday necessities. President Biden in the South Court Auditorium in the Eisenhower Executive Office Building, June 22, 2022, in Washington, DC (JIM WATSON/AFP via Getty Images/Getty Images) The Labor Department said in a consumer price index report Thursday that grocery costs rose 0.5 percent, putting the 12-month increase at 12.4 percent. Consumers also continue to pay more for items such as cereals, bread, fresh fish and seafood, eggs and fresh vegetables such as tomatoes and lettuce. “And it will take time for inflation to return to normal levels, but we will maintain it,” Biden continued. FED’S WAR ON INFLATION COULD COST 1 MILLION JOBS Despite most voters claiming the country is on the wrong track, Biden claimed everything is going according to plan. He also said that economic forecasts are bullish. “We’re on the right track,” he said. “We are not losing jobs. In the meantime, I will continue to fight to build an economy from the bottom up and from the middle out.” President Biden in the State Dining Room of the White House, February 4, 2022 in Washington, DC (Win McNamee/Getty Images / Getty Images) CLICK HERE TO READ MORE ABOUT FOX BUSINESS The president’s message comes shortly after Tuesday’s midterm elections, in which Democrats fared better than expected and many Republicans underperformed. Senate and House majorities remain on the line as votes are counted in several states. FOX Business’ Megan Henney contributed to this report.
