These are the most significant things Congress can do to help families now and complement the Federal ReserveвЂ™s efforts to bring inflation down.вЂќ The president thenВ asserted, вЂњif Congress would pass tax reform to make the wealthiest Americans and big corporations pay their fair share, we could reduce this inflationary pressure even more. And, I call on Congress to pass legislation to cut costs for families like energy bills and prescription drugs.вЂќ вЂњI call on Congress to pass a bill to cut shipping costs this month, and get it to my desk, so we can lower the price of goods. Congress must act urgently as well,вЂќ Biden said. вЂњMy Administration will continue to do everything we can to lower prices for the American people.

Biden added that gas prices have increased $2.00 since Russia invaded Ukraine. The solution, Biden said, was more government spending - despite critics including Republicans, federal bankers andВ Washington Post owner/Amazon founder Jeff BezosВ saying that excessive stimulus contributed to the problem. The annual rate of inflation for that month was 7.9%В after hitting 7.1% in January and 7%В in December 2021. But even that metric increased by 6% year-over-year in May, just above economistsвЂ™ expectation of 5.9%.Д«idenВ also ignored that inflation was high before the Russian assault on Ukraine began Feb. APД«iden also toutedВ a slight decline from April in the so-called вЂњcore inflationвЂќ rate - which does not include fluctuations in prices of food and energy, the two sectors most affected by RussiaвЂ™s invasion of Ukraine. вЂќ President Biden said fighting inflation is his вЂњtop economic priority.вЂќ EPA Biden tried to pin the blame for surging prices on Russian President Vladimir Putin. In an earlier statement issued by the White House, Biden reverted to a favored phrase: вЂњPutinвЂ™s Price Hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine. The 8.6% annual inflation rate in May was a blow to DemocratsвЂ™ political fortunes ahead of the November midterm elections as polls show landslide disapproval of BidenвЂ™s handling of the issue. Moments later, the president focused his ire on energy companies, saying at one pointВ that вЂњExxon made more money than God this yearвЂќ and adding: вЂњExxon, start investing and start paying your taxes.вЂќ вЂњWeвЂ™ve never seen anything like PutinвЂ™s tax on food and gas,вЂќ Biden lamented during remarks at the Port of Los Angeles. President Biden claimed Friday that fighting inflation is his вЂњtop economic priorityвЂќ after data showed annual price spikes hitting another 40-year highВ last month - then laid the devastating economic news at the feet of Russian President Vladimir Putin,В oil companies,В shipping conglomerates and Congress. 6 cynicism and other commentaryДЇed hikes interest rates by 0.75 in record-breaking increaseД«ill Ackman: Major Fed interest rate hikes needed until inflation вЂtamedвЂ™ HereвЂ™s whatвЂ™s driving high gas prices - and why theyвЂ™re not going awayДemocratsвЂ™ profound Jan.

Biden mocks freedom