The August PCE report indicates that inflation has fallen to 2.2%, mirroring pre-pandemic levels, while reduced interest rates are making it easier for Americans to purchase homes, cars, and operate small businesses. President Biden pointed to an economic growth rate exceeding 10% during his administration, along with increased incomes and stronger savings for families. He stressed the importance of continuing efforts to lower costs, build new housing, and cut prescription drug prices, contrasting his agenda with Congressional Republicans’ proposals that would raise costs for middle-class families and prioritize tax cuts for the wealthy and large corporations.
Statement from President Joe Biden
on the August PCE Report
Today’s report shows inflation has come back down to 2.2%, similar to pre-pandemic levels, at a time when interest rates have fallen—lowering the cost of buying a home or car, or operating a small business. This follows yesterday’s news that on my watch the economy has grown more than 10% and incomes are up nearly $4,000, after accounting for inflation. The economy, incomes, savings, and consumer spending are all stronger than previously estimated.
We have more work to do to lower costs and create opportunities for Americans. The Vice President and I want to build millions of new homes, continue to lower the price of prescription drugs and health care, and cut taxes for families, small businesses, and industries of the future. Congressional Republicans would take the opposite approach—raising costs for middle-class families by nearly $4,000 per year while giving more tax cuts to the wealthy and big corporations. That’s not how you grow the economy, or the middle class.
September 27 2024 Washington, DC
Sources: Midtown Tribune, White House WH.gov
