Biden was reacting to the most recent "Personal Income and Outlays" report from the Department of Commerce.
"[Thursday], we learned that inflation moderated and incomes grew in October, following Wednesday's news that our economy grew at an even stronger pace from July to September than we previously thought," said the president. "We are seeing initial signs that we are making progress in tackling inflation, even as we make the transition to more steady, stable economic growth."
Biden called that "good news for the American people" and further evidence that his economic plan is working.
"It will take time to bring inflation back to normal – and there could be setbacks along the way – but the American people should have confidence that our plan to tackle inflation, without giving up all the historic economic gains American workers have achieved, is working."
Alfredo Ortiz is president and CEO of Job Creators Network (JCN). "President Biden is completely out of touch if he thinks [Thursday's personal consumption expenditures] report shows that 'we are making progress in tacking inflation,'" Ortiz responds in a statement. "Six percent inflation is still three times higher than the Federal Reserve's two percent target."
Other key gauges, such as the Consumer Price Index, show inflation closer to 8%.
"Biden's record spending spree is directly responsible for the worst inflation in four decades and the corresponding drop in real wages," said Ortiz. "When Republicans take over the House in January, we will finally have a check on Biden's inflationary, anti-growth policies."
The JCN president contends the GOP can "revitalize" the economy by enacting his organization's "American Small Business Prosperity Plan."
"And JCN is working with congressional leaders to make that happen," Ortiz added.
The American Small Business Prosperity Plan has been endorsed by leading Republicans, including former Speaker of the House Newt Gingrich, Rep. Kevin Brady of Texas, and Rep. Kevin McCarthy – who, at last report, is facing an uphill battle in his bid to become House speaker in January.
