With the Bureau of Labor Statistics reporting that inflation fell by 0.1% last month, President Joe Biden declared Thursday that the U.S. economy is “on the right track.”
“Today, we’ve got some good news – good news about the economy,” he said, adding that “over the last 12 months, it [inflation] has fallen... to 6.5%. That’s down from 7.1% the month before. It’s down from 9.1 % this summer. Inflation is now at its lowest level since October of 2021.”
Biden said one of the big factors bringing inflation down in the U.S. is falling gas prices. According to Friday figures from AAA, gas prices nationwide were on par with one year ago at around $3.30, prior to the Russian invasion of Ukraine. Back in October, they were closer to $4.
“My administration took action to get more oil onto the market and bring down prices,” said Biden. “Now, gas is down more than $1.70 from its peak. And that adds up to a family with – a typical family with two vehicles to a savings of $180 a month, every single month, that stays in their pockets instead of being spent at the pump.
He also said that food inflation is down and “core inflation” that excludes energy and food is “down to the lowest level in a year.” At the same time, the president said wages are going up and unemployment is at its lowest rate in 50 years.
“My first two years in office were the two strongest years for job growth on record,” said Biden. “We created nearly 11 million jobs, including 750,000 manufacturing jobs. And they were the two of the strongest years ever for small-business creation as well.”
However, he said there are still economic challenges ahead. These include making sure pharmaceuticals are reasonably priced, that Americans have access to tax credits when they install energy-efficient appliances in their homes and creating more jobs through investments.
Biden also criticized some proposed legislation from the Republican-led House of Representatives.
“I was disappointed that the very first bill the Republicans in the House of Representatives passed would help wealthy people and big corporations cheat on their taxes at the expense of ordinary, middle-class taxpayers,” he said. “And it would add $114 billion to the deficit. Their very first bill.”
While the president said he is ready to work with Republicans, he said he plans to veto a number of their proposed bills if they make it to his desk. This includes any cuts to Social Security or Medicare.
“Let me close with this,” he said. “Today’s inflation numbers are good news – good news about our economy. And we have more work to do, but we’re on the right track.”
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