President Biden announced that inflation has fallen to 2.1%, near the 2% target, without a recession, while the economy has grown over 12%—the fastest pace in any 21st-century presidential term. Inflation-adjusted incomes are up nearly $4,000, and gas prices have dropped to $3.13 per gallon, with prices below $3 in 21 states. Looking ahead, the administration is focused on reducing costs further by building more housing, lowering health insurance premiums, and making child care affordable. In contrast, Biden criticized Congressional Republicans for pushing tax breaks for billionaires and corporations while proposing tariffs that could increase costs for families by $4,000 and drive up inflation.
Inflation has now fallen to 2.1%—nearly at its 2% target. While critics said we needed a recession to lower inflation, instead inflation has come down while our economy has grown more than 12% over the course of my Administration—the fastest rate of any presidential term in the 21st century. Incomes are up almost $4,000 after accounting for inflation, and gas prices are down to $3.13 per gallon and below $3 in 21 states.
We have more to do. We will keep fighting to lower costs by building millions of new homes, lowering health insurance premiums, and making child care more affordable. Congressional Republicans are fighting for tax breaks for billionaires and big corporations, while raising costs on families by nearly $4,000 a year with across-the-board tariffs that would cause inflation to skyrocket. They have a cost-raising agenda—we have a cost-cutting agenda.
October 31, 2024, Washington, DC
PCE – Personal consumption expenditures
Sources: WH.gov , Midtown Tribune
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