President JoeBiden is adamant 'Bidenomics' is working despite annualized inflation ticking up to 3.2%, the first increase in a year.
President Joe Biden is adamant"Bidenomics" is working despite annualized inflation ticking up to 3.2%, the first increase in a year.
The economy remains strong, Biden wrote in a statement Thursday morning after the Labor Department released its July consumer price index report."Annual inflation has fallen by around two-thirds since last summer, and inflation outside of food and energy has fallen to its lowest level in any three-month period since September 2021," the president said.
"We’re growing the economy from the middle out and bottom up, lowering costs for hardworking families, and making smart investments in America: that’s Bidenomics," he added. Biden has been in Arizona, New Mexico, and Utah this week to promote the Inflation Reduction Act, his signature social and climate spending law, before its first anniversary next Wednesday.Republicans reacted to the report by highlighting the cumulative impact of inflation even as numbers have trended down."Since Biden took office, prices are up by 16.9% and real wages are down by about 3%," Republican National Committee spokesman Jake Schneider said.
Monthly inflation was 0.2%, and “core inflation,” which excludes food and energy prices, was 4.7% in the year ending in July.
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