Biden highlights inflation success as Americans spend extra monthly.
President Joe Biden Touts Economic Record Despite Rising Inflation
In a speech delivered in Milwaukee, Wisconsin, President Joe Biden highlighted his economic achievements and claimed that inflation is decreasing. However, recent reports show that Americans are paying significantly more for basic goods and services compared to two years ago.
Biden’s remarks came as a new report revealed that Americans paid $709 more for basic goods and services in July 2023 compared to July 2021, just months into Biden’s presidency. This spending was also $202 more than July 2022, according to Mark Zandi, the chief economic analyst for Moody’s Analytics.
“In case you haven’t noticed, inflation is down, too — and it’s going lower,” Biden confidently stated during his speech, as he promoted his “Bidenomics” vision in the crucial battleground state of Wisconsin.
BIDEN: “In case you haven’t noticed, inflation is down, too — and it’s going lower!” pic.twitter.com/RUArfFCleQ
— RNC Research (@RNCResearch) August 15, 2023
However, Republicans have pointed out that real wages have declined and inflation remains at a 3.2% rate, nearly 2% higher than when Biden assumed office. Gas prices have also surged in recent weeks, reaching the highest levels seen in months, with the national average hitting $3.86 per gallon, the highest since October 19, 2022.
“Real wages are down and gas prices are up,” remarked House Speaker Kevin McCarthy (R-CA). “You are paying the price for failed leadership.”
Today, President Biden will tout his economic plan in Milwaukee, WI
“Bidenomics” costs Americans $709 a month to pay for the same goods they had just 2 years ago. Real wages are down and gas prices are up
You are paying the price for failed leadership https://t.co/xZQ6L4yiL9 pic.twitter.com/tpjTijtFrW
— Kevin McCarthy (@SpeakerMcCarthy) August 15, 2023
During his speech, Biden also claimed that the United States has the strongest economy in the world. However, critics have questioned this assertion, citing the ongoing challenges faced by American workers and the impact of rising inflation.
BIDEN: “We have the strongest economy in the world! You’re looking at me a little skeptical…” pic.twitter.com/fekdI5YJdF
— Townhall.com (@townhallcom) August 15, 2023
As Biden commemorates the passage of the “Inflation Reduction Act,” many economists remain skeptical about its effectiveness in curbing inflation. Harvard University economist Jason Furman stated, ”I can’t think of any mechanism by which it would have brought down inflation to date,” casting doubt on the impact of the legislation.
Biden himself has acknowledged that the law, which allocated billions to the green energy industry, should not have been named with an inflation-related title. He stated, “I wish I hadn’t called it that because it has less to do with reducing inflation than it has to do with providing alternatives that generate economic growth.”
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