BLOG: ICYMI: Amid Republican Chaos, President Biden’s Economic Agenda is Working As Inflation Cools, Wages Rise, and Blockbuster Job Growth Continues
From the Ways and Means Press Shop:
ICYMI: Amid Republican Chaos, President Biden’s Economic Agenda is Working
As Inflation Cools, Wages Rise, and Blockbuster Job Growth Continues
In case you need a breather from Republicans’ latest legislative crisis, there’s plenty of strong economic news to distract yourself with: yesterday’s CPI report provides new evidence that Democrats’ economic agenda is rebuilding our economy from the bottom-up and the middle-out, with inflation declining for the twelfth consecutive month and wages on the rise. Democrats are laser-focused on creating jobs, making smart investments in America, and lowering costs while Republicans double down on chaos, conspiracy, and cuts that fail the middle class. Once again, Republicans are working for the wealthy and well-connected, while Democrats are working for the American people.
President Biden and Congressional Democrats have delivered a historic economic recovery, outpacing other leading economies and driving opportunity right here at home:
o 13.2 million jobs created under President Biden, the strongest job creation on record
o Unemployment is under 4% for the longest stretch in five decades
o Wages on the rise over the past year
o More Americans in the labor force
o Inflation declining for twelve consecutive months
Here’s a look at what news outlets are saying about how President Biden is building an economy that puts workers and families first. If anyone can find any good economic news for Republicans, our inboxes are open….
The New York Times:Biden Touts Easing Inflation as ‘Bidenomics in Action’
“The president has been making the case that his policies have kept the economy on a steady path and maintained a healthy labor market…In a speech at the Economic Club of New York on Wednesday, Lael Brainard, the director of the National Economic Council, said that the United States economy was outperforming other advanced nations. She said that inflation in the U.S. was now the lowest among the Group of 7 countries while its recovery from the pandemic has been the strongest.” [7/12/23]
The Washington Post:Inflation drops to lowest levels since March 2021 as economy cools
“Price increases are returning closer to normal levels, with families and businesses feeling the difference as wages rise faster than prices and policymakers debate how much more to slow the economy…in recent weeks, the president has touted his ‘Bidenomics’ plan as a way to rebuild the economy for the middle class. In a statement Wednesday, Biden said the new report showed ‘Bidenomics’ in action. The figures offer “new and encouraging evidence that the U.S. economy is on the path to moderate inflation accompanied by a resilient jobs market,” Lael Brainard, director of the National Economic Council, told the Economic Club of New York.” [7/12/23]
Axios:Biden's blockbuster week
“June's Consumer Price Index shows inflation has dramatically plunged from its peak…the report also showed wage growth was outpacing inflation for the first time since March 2021, meaning Americans may actually start to notice rising purchasing power…”good jobs and lower costs: That’s Bidenomics in action," Biden said in a statement today, taking a victory lap two weeks after the administration launched its newly branded economic pitch.” [7/12/23]
POLITICO:Biden’s economic dream is becoming reality — but how long can he sustain it?
“President Joe Biden is enjoying the economic recovery of his dreams, complete with cooling inflation, a still-hot jobs market and diminishing odds of a recession...[the White House] got the latest encouraging sign Wednesday that its strategy is paying off, with new data showing a sharper than expected slowdown in consumer costs.” [7/12/23]
CNN:US inflation cooled in June for the 12th straight month
“What a difference a year makes. US annual inflation slowed to 3% last month, according to the latest Consumer Price Index released Wednesday by the Bureau of Labor Statistics…Inflation, as measured by the CPI, has now eased for 12 consecutive months and is at its lowest rate since March 2021…the latest data outlines a welcome trajectory for shoppers who have seen their purchasing power and monthly budgets eroded by persistently high and pervasive price increases for the last two years.” [7/12/23]