Despite consistently poor inflation and GDP data, President Joe Biden said on Friday that strong economic news will help Democrats in the midterm elections.
“It’s been back and forth with them ahead, us ahead, them ahead, back and forth. And the polls have been all over the place,” Biden said.
“I think that we’re going to see one more shift back to our side in the closing days. And let me tell you why I think that. We’re starting to see some of the good news on the economy.” He continued.
The Consumer Price Index rose 8.2% year on year in September, following increases of 8.3% in August, 8.6% in July, 9.1% in June, and 8.5% in May.
According to updated figures issued in August, the economy dropped by 0.6% in the second quarter of 2022.
In addition to general optimism about the economy, optimism which isn’t reflected in most current economic metrics, Biden also discussed his opinion that the price of gas would soon begin to fall significantly.
“Gas prices are down sharply in 46 of the 50 states because of what I’ve been doing. We’re moving in the right direction. There’s more to come,” Biden asserted.
According to AAA, a gallon of petrol costs $3.82 on average, up from $3.369 a year ago and $2.1218 on November 3, 2020.