{"id":1972729,"date":"2023-07-14T03:20:02","date_gmt":"2023-07-14T07:20:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economic-miracle-new-inflation-readings-a-win-for-biden-amid-bidenomics-push\/"},"modified":"2023-07-14T03:23:07","modified_gmt":"2023-07-14T07:23:07","slug":"economic-miracle-new-inflation-readings-a-win-for-biden-amid-bidenomics-push","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economic-miracle-new-inflation-readings-a-win-for-biden-amid-bidenomics-push\/","title":{"rendered":"&#8216;Bidenomics&#8217; push gets boost from new inflation readings, hailed as an &#8216;economic miracle&#8217;."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feconomic-miracle-new-inflation-readings-a-win-for-biden-amid-bidenomics-push%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1972729&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Recent Drop in Inflation Boosts President Biden&#8217;s Economic Approval Ratings<\/h2>\n<p>The recent unexpectedly fast drop in inflation is good news for President Joe Biden as the White House works to highlight \u201cBidenomics\u201d and improve his poor <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/disaster-joe-bidens-economic-ratings-are-worse-than-jimmy-carters-cnn-poll-finds\/\" title=\"DISASTER: Joe Biden\u2019s Economic Ratings Are Worse Than Jimmy Carter\u2019s, CNN Poll Finds\">economic approval ratings<\/a> ahead of the 2024 campaign.<\/p>\n<p>Once a pejorative given the country\u2019s historic and painful inflation, the White House is attempting to reclaim the phrase <strong>Bidenomics<\/strong>. In past months, it was difficult to pitch the economy being in good shape given high inflation, but two new reports this week have put some wind behind the administration\u2019s sails.<\/p>\n<blockquote>\n<h3>Positive Economic Indicators<\/h3>\n<ul>\n<li>Thursday\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-u-s-producer-price-index-skyrockets-registers-twice-as-high-as-expected-for-april\/\" title=\"BREAKING: U.S. Producer Price Index Skyrockets, Registers Twice As High As Expected For April\">producer price index<\/a>, which measures wholesale prices, showed inflation clocking in at 0.1% for the year ending in June.<\/li>\n<li>The June release of the consumer price index showed inflation falling to a 3% annual rate, a decline of a whole percentage point from the preceding month.<\/li>\n<\/ul>\n<\/blockquote>\n<p>Democrats are hoping to use the lower inflation readings and other positive aspects of the economy to bolster their case for remaining in the White House in 2024. The party is tethering the falling inflation to the strong labor market and trying to emphasize the relative economic strength of the country to voters.<\/p>\n<p>\u201cWorking families across the country are getting much-needed economic relief as inflation continues to slow, wages are rising, and unemployment is at near historic lows \u2014 all thanks to the work and policies passed by President Biden and House Democrats,\u201d Democratic Congressional Campaign Committee spokesman Viet Shelton told the Washington Examiner.<\/p>\n<p>Economist Justin Wolfers, a senior fellow at the Brookings Institution, said the new reports show that inflation is finally \u201ccoming under control.\u201d He said the results were even better than economists had anticipated.<\/p>\n<p>\u201cInflation 12 months ago was 9%. That wasn\u2019t normal, you could even call it a crisis. Inflation for June of this year was 3%, that\u2019s remarkably close to normal,\u201d Wolfers said. \u201cThe average inflation rate in the 21st Century I think is either 2.5% or 2.6%, so we\u2019re within a sneeze of normal.\u201d<\/p>\n<p>The lower inflation is coupled with low unemployment and a tight labor market. The economy added 209,000 jobs in June, the Bureau of Labor Statistics reported last week. The combo of falling inflation and low unemployment will undoubtedly be hailed as a one-two punch by the Biden messaging team.<\/p>\n<p>\u201cWhat a beautiful economic miracle. We not only have inflation falling and falling while unemployment is low \u2014 remember, unemployment is at its lowest rate in half a century \u2014 we\u2019re continuing to create jobs and so on the current trajectory unemployment is likely to keep falling even as inflation is likely to keep falling, so two great tastes that go even better together,\u201d Wolfers said.<\/p>\n<p>Biden in a statement after Wednesday\u2019s CPI report touted the latest inflation news as \u201cBidenomics in action.\u201d<\/p>\n<p>Skanda Amarnath, executive director of Employ America, a group that advocates full employment, said the timing of the Biden administration\u2019s Bidenomics push was likely strategic. It was expected that the June CPI report would return a lower headline annual inflation number simply because the massive spike in the month of June 2022 fell out of the calculation of the yearly number.<\/p>\n<p>\u201cThat number will go up in the coming months, just because of the way year-over-year calculations work, this stuff is kind of baked into the cake,\u201d he said.<\/p>\n<p>Amarnath said that the better news than the headline 3% number is the data that are \u201cless noisy\u201d shows inflation slowing down. For instance, core inflation, which strips out the volatile food and energy categories, fell more than expected, from 5.3% to 4.9% in June.<\/p>\n<p>Still, despite the rosy talk about declining inflation from Democrats and the Biden administration, Republicans have bashed Bidenomics and the framing coming from the White House. Some conservatives have argued that inflation wouldn\u2019t have gone as high in the first place had there not been the massive infusion of federal stimulus spending early in Biden\u2019s term.<\/p>\n<p>\u201cIt will take American families and workers a long time to recover from Bidenomics as they struggle with the reality of higher costs for everything,\u201d said Republican National Committee Chairwoman Ronna McDaniel. \u201cVoters will make Biden a one-term president because he continues to lie to Americans and refuses to take responsibility for his failed agenda.\u201d<\/p>\n<p>While Biden\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-bidens-economic-ratings-are-so-bad-theyre-worse-than-jimmy-carters-in-1977\/\" title=\"POLL: Biden\u2019s Economic Ratings Are So Bad They\u2019re Worse Than Jimmy Carter\u2019s In 1977\">economic approval rating<\/a> has been quite negative throughout much of his tenure, Rep. Jake Auchincloss (D-MA) contends that voters will begin to see the economy in a different light.<\/p>\n<p>\u201cThe key issue is real wages. That is, nominal wage growth minus inflation. Real wages are starting to rise. I expect voters\u2019 perception of the economy will rise along with them,\u201d he told the Washington Examiner in a statement.<\/p>\n<p>Lael Brainard, the director of the National Economic Council, addressed the positive inflation news during remarks before the Economic Club of New York this week. Brainard, the former vice chairwoman of the Federal Reserve, pointed out the dynamic between inflation and employment and how the current trajectory of both has defied the expectations of many economists.<\/p>\n<p>\u201cThe economy is defying predictions that inflation would not <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economic-miracle-new-inflation-readings-a-win-for-biden-amid-bidenomics-push\/\" title=\"'Bidenomics' push gets boost from new inflation readings, hailed as an 'economic miracle'.\">fall absent significant job destruction<\/a>. Just today, we saw new and encouraging evidence that the U.S. economy is on the path to moderate inflation accompanied by a resilient jobs market,\u201d she said.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house-bidenomics-inflation\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rapid decline in inflation is a positive development for President Biden, who aims to boost his economic approval ratings before the 2024 campaign. The White House is striving to redefine the term &#8220;Bidenomics,&#8221; previously associated with negative connotations due to the country&#8217;s past inflation woes.<\/p>\n","protected":false},"author":1,"featured_media":1972730,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1972729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1972729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1972729"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1972729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1972730"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1972729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1972729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1972729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}