President Joe Biden acknowledged during the 29th AFL-CIO Quadrennial Constitutional Convention that inflation under his administration is sucking the economic power of the middle class.

“Ladies and gentlemen, this year, by the end of the fiscal year, we will have cut the federal deficit by another $1.6 trillion — in one year. One year. So, when they come to you and talk about big spenders, let them know. Almost $2 trillion in deficit reduction.”

President Biden, while delivering remarks at the AFL-CIO convention in Philadelphia:

“I had a Zoom conversation with our next senator from this state, John Fetterman … No bigger, stronger voice for working people in this state than John. Certainly no bigger one.” pic.twitter.com/EdjDtdBaRI

— The Recount (@therecount) June 14, 2022

“I don’t want to hear any more of these lies about reckless spending. We’re changing people’s lives.  And because of the fact, this year, we’re delivering the biggest drop in the deficit in the history of the United States of America.

“Look, the point is this: Under my plan for the economy, we’ve made extraordinary progress. And we put America in a position to tackle the worldwide problem that’s worse everywhere but here: inflation. It’s sapping the strength of a lot of families.

“I grew up in a household not far from here, in Claymont and Wilmington, where if the price of a gallon of gasoline went up, it was a conversation at the dinner table. It mattered. It mattered in my working family. It mattered if the price of food went up.

Biden then blamed Republicans in Congress for doing “everything they can to stop my plans to bring down costs on ordinary families.”

“I believe in bipartisanship. But I have no illusions about this Republican Party…The fact is Republicans in Congress are still in the grip of the ultra-MAGA agenda,” Pres. Biden says during address to AFL-CIO. https://t.co/LbpgLJucQF pic.twitter.com/vrKhqZfpxq

— ABC News (@ABC) June 14, 2022

“That’s why my plan is not finished and why the results aren’t finished either. Jobs are back, but prices are still too high. COVID is down, but gas prices are up. Our work isn’t done.

“But here’s the deal. America still has a choice to make: a choice between a government by the few, for the few, or a government for all of us, democracy for all of us, an economy where all of us have a fair shot and a chance to earn our place in the economy.”

According to the BBC, “Last month, inflation in the US hit 8.6%, one of the highest rates in the world. Many of the forces driving inflation last year – such as supply disruptions from Covid and higher food prices after severe storms and drought hurt harvests – were not unique to the US.”