U.S. President Joe Biden delivered remarks at the Eisenhower Executive Office Building in Washington, D.C., on Tuesday, May 10, 2022.
Image Source: Ting Shen | Bloomberg | Getty Images
WASHINGTON — President Joe Biden expressed his satisfaction with the recent data showing a more rapid decline in inflation than anticipated.
“Good jobs and lower costs: That’s the essence of Bidenomics in action,” stated Biden. “Today’s report provides promising evidence that inflation is decreasing while our economy remains robust.”
This positive data not only benefits the economy, but it is also advantageous for Biden as he seeks a second term in office. A thriving economy typically works in favor of the incumbent, and the easing of inflation could mitigate criticism from opponents.
The Bureau of Labor Statistics published the consumer price index report for June, a widely used metric for inflation. Inflation increased by 3% compared to the previous year, marking the lowest level in over two years.
On a monthly basis, the index, which measures a broad range of goods and services, rose by 0.2%. Core CPI, which excludes food and energy costs, rose by 4.8% year on year and by 0.2% on a monthly basis.
“Real wages for the average American worker are now higher than they were prior to the pandemic, with lower-wage workers experiencing the most significant gains,” Biden emphasized. “Our continuous progress in job creation and cost reduction for families is not a coincidence, and I will tirelessly advocate for more affordable costs for families each day.”
Biden’s chief economic advisor similarly expressed optimism during a speech at the Economic Club of New York on Wednesday.
“The economy is surpassing predictions that inflation would persist without significant job losses,” remarked National Economic Council Director Lael Brainard. “Just today, we received promising evidence that the U.S. economy is moving towards moderate inflation while maintaining a resilient job market.”
Brainard highlighted that annual inflation has declined for twelve consecutive months.
“Furthermore, the U.S. has the lowest inflation rate among G-7 nations, both in headline and core inflation, even as our post-pandemic economic recovery demonstrates exceptional strength,” Brainard added.
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