In a statement from National Economic Advisor Lael Brainard, the latest Consumer Price Index report shows inflation has fallen back to 2.4%, the same level as before the pandemic. Under the Biden-Harris Administration, the economy has experienced steady growth, with 16 million jobs created and incomes rising by $4,000 after adjusting for inflation. Brainard emphasized the administration’s ongoing efforts to lower costs for middle-class families by building affordable housing, reducing prescription drug prices, and cutting taxes. Meanwhile, Congressional Republicans are criticized for advocating policies that would raise family costs and benefit the wealthiest Americans.
Statement from National Economic Advisor Lael Brainard on the September 2024 Consumer Price Index
Today’s report shows inflation has fallen back down to 2.4%, the same rate as right before the pandemic. We keep making progress, with inflation returning to pre-pandemic levels, 16 million jobs created, lower interest rates, and low unemployment. Our economy has grown 3.2% per year under the Biden Harris Administration—stronger than during the previous administration. Incomes are up almost $4,000, after adjusting for inflation. We are working around the clock to help the families affected by Hurricane Milton and Hurricane Helene recover and rebuild, supported by our strong and resilient recovery.
President Biden and Vice President Harris will keep fighting to lower costs—by building new homes to lower rents, capping prescription drug costs and reducing health insurance premiums, and lowering taxes for middle-class families—as Congressional Republicans keep pushing trickle-down economics that would raise costs by nearly $4,000 per family while cutting taxes for billionaires and big corporations.
October 10, 2024 Washington, DC
Critical Questions for:
- How will the reduction in inflation impact middle-class families in New York, particularly regarding housing and living costs?
- What effect will the administration’s economic policies have on New York’s small businesses and job market?
- How do the Biden-Harris initiatives on healthcare costs and affordable housing align with the needs of New York’s urban economy?
- In what ways could the contrast between Democratic and Republican economic policies affect future growth for New York-based industries?
- Could the economic growth and wage increases highlighted in this report improve affordability for New York residents, or will it be offset by other rising costs?
Sources: WH.gov, Midtown Tribune
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