President Joe Biden will sit down with business executives and labor leaders on Friday to highlight recent progress in fighting inflation and stabilizing the economy, a White House official told CNN.
Biden will sit down in person and virtually with top executives from Ford, Kaiser Permanente and Carrier, as well as the presidents of the Service Employees International Union and the United Food and Commercial Workers union, aimed at drawing attention to recent economic developments and seeking to The official said they were considering the idea of further reducing inflation.
Biden will be joined by Treasury Secretary Janet Yellen and his top economic adviser Brian Diss.
“As a result of the president’s economic plan, the U.S. economy has created 10 million jobs since the Biden-Harris administration took office, including 700,000 manufacturing jobs,” a White House official said. “We are seeing the first signs that inflation is coming down: October’s consumer price index, as released this week, showed some moderation in October’s producer price index. Natural gas prices continued to fall, with all 50 states natural gas prices fell.”
Biden is also expected to tout key provisions of the Lower Inflation Act, which he signed into law last summer and takes effect early next year.
Effective Jan. 1, 2023, the law caps monthly insulin co-payments for seniors at $35 per prescription and makes certain vaccines free for Medicare Part D recipients. The law also expands a tax credit action for people who buy health insurance through Affordable Care that is set to expire at the end of this year.
Two days after Biden returned from a weeklong tour of global conferences, he sat down with business and labor executives. It will mark his first chance to highlight recent signs that inflation may be cooling and tout his administration’s efforts in that direction.
The annual increase in consumer prices slowed to 7.7% last month, below the 8% economists had expected.
The meeting also came after the results of midterm elections in which Democrats retained their Senate majority and lost control of the House of Representatives, but by a much smaller margin than expected.