Biden claims 3% inflation rate proves ‘Bidenomics at work’
President Joe Biden Embraces Positive Inflation Report, Highlights Economic Progress
President Joe Biden has enthusiastically embraced the latest inflation report, which shows a significant turnaround from last year. The annual inflation rate for June stands at 3%, a notable improvement from the 9.1% rate recorded 12 months ago. As he continues to promote his economic policies on the campaign trail, Biden sees this as a testament to the success of his approach.
“Good jobs and lower costs. That’s Bidenomics in action,” Biden said Wednesday. “Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong.”
Positive Trend in Inflation
The latest report from the Labor Department reveals that annual inflation has consistently decreased since last June. In fact, the rate dropped by a full percentage point last month alone. This positive trend is evident in every consumer price index report. While the Bureau of Labor Statistics June report shows the smallest increase in annual inflation since March 2021, it’s important to note that “core inflation,” which excludes food and energy prices, remains at 4.8%.
“We’ve made this progress while unemployment remains near record lows and a higher share of working-age Americans are in jobs now than in 20 years,” Biden proudly stated. “Real wages for the average American worker are now higher than they were before the pandemic, with lower-wage workers seeing the largest gains.”
Continued Commitment to Economic Growth
Biden emphasizes that the positive economic indicators are not a coincidence. He vows to fight for lower costs for families every day, as he believes that the progress made in job creation and cost reduction is a result of deliberate policies. His goal is to grow the economy from the middle out and bottom up, rather than focusing solely on top-down approaches.
“Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day,” he added. “I ran for office to grow the economy from the middle out and bottom up, not the top down. That’s exactly what we’re doing.”
The Federal Reserve is set to convene later this month to discuss the possibility of revising interest rates. This comes after the decision not to make any changes in June, marking the first time in this cycle.
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