President Biden showed that his economic plan is working as inflation is falling, and Republicans watching their midterm hopes vanish.
Video of President Biden:
President Biden said on Wednesday:
Today, we received news that our economy had zero percent inflation in the month of July. Zero percent.
Here’s what that means: While the price of some things go up — went up last month, the price of other things went down by the same amount. The result: zero inflation last month. But people are hurting. But zero inflation last month.
Economists look at a measure of inflation that ignores food and energy prices, and they call it “core inflation.” That’s about the lowest amount in several years — several months.
When you couple that with last week’s booming jobs report of 528,000 jobs created last month and 3.5 percent unemployment, it underscores the kind of economy we’ve been building.
We’re seeing a stronger labor market where jobs are booming and Americans are working. And we’re seeing some signs that inflation may be beginning to moderate.
That’s what happens when you build an economy from the bottom up and the middle out. The wealthy do very well, and everyone has a chance. It gives everyone a chance to make progress.
Now, I want to be clear: With the global challenges we face from the war in Europe to disruption of supply chains and pandemic shutdowns in Asia, we — we could face additional headwinds in the months ahead. Our work is far from over.
But two things should be clear. First, the economic plan is working. And second, it’s building an economy that will reward work –- wages are up this month — provide opportunity, help the middle class.
And still have work to do, but we’re on track.
Gas prices are coming down, inflation is falling, Congress is sending bills to his desk, and President Biden has been having a couple of very good months.
The inflation news is what could turn the midterm election around for Democrats. Republicans have already seen their momentum vanish, but if inflation continues to decline, the voter anger that Republicans were counting on in November will also decline.
Biden and the Democrats can take a good message to the voters. Democrats have gotten the nation through the pandemic. The country is starting to come out the other side. The economic shocks associated with COVID look to be dissipating, and America might be ready for the sort of economic growth that hasn’t been seen since the 1990s.
Each bit of positive economic news is a crushing blow to the Republican Party, as President Biden can deliver the message that things are getting better.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association