A video of then-candidate Joe Biden vowing on the campaign trail that costs for consumer goods would not go up has been resurfaced as inflation has increased at the fastest pace since 1990.
During a campaign event in October 2020, Biden said, “None of you will have your taxes raised. Anyone making less than $400,000 will not see a penny in taxes raised.”
“You’ll actually see your standard of living go up and your costs go down,” he added.
Watch the video below:
Biden in 2020:
— The First (@TheFirstonTV) November 17, 2021
"You’ll actually see your standard of living go up and your cost go down." pic.twitter.com/FmIQu3U7De
The video was resurfaced after the latest data from the Labor Department found that the consumer-price index, a measure of the prices consumers pay for goods and services, rose at its faster annual pace since 1990.
In the past 12 months, prices rose 6.2%, and October marked the fifth month in a row that inflation was over 5%.
Without food or energy prices, the consumer-price index rose 4.6%, which was the highest rate since 1991.
CNN reports, “The overall price index rose 0.9% in October alone, adjusted for seasonal swings, significantly more than the 0.6% economists had predicted, and overshadowing the somewhat more tepid 0.4% increase from September.”
“Excluding food and energy, prices climbed 0.6% last month — more than in September,” it added.
While food prices have seen a 1% increase two months in a row, energy prices rose 4.8% in October and 30% from last year.
Republicans have blamed the increase in prices on Biden’s $1.9 trillion American Rescue Plan, and recently passed roughly $1 trillion infrastructure package.
Reuters notes that “annual inflation rates for dozens and dozens of goods routinely purchased by American households – including food – were already at their highest levels in a decade before Biden entered the White House early this year.”
Additionally, it points out “that’s in large part because of the COVID-19 relief spending enacted under Republican Donald Trump’s administration.”
At an event in Baltimore, Maryland, earlier this month, Biden said, “More products are being delivered than ever before. That’s because people have a little more breathing room than they did last year.”
“That’s a good thing, but it also means we got higher demand for goods at the same time we’re facing disruptions in the supplies that make those goods. This is a recipe for delays and for higher prices. And people are feeling it,” he added.
