Inflation Falls For Eighth Straight Month As President Biden’s Economic Plan Continues To Deliver For Working Families
FOR IMMEDIATE RELEASE: March 14, 2023
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INFLATION FALLS FOR EIGHTH STRAIGHT MONTH AS PRESIDENT BIDEN’S ECONOMIC PLAN CONTINUES TO DELIVER FOR WORKING FAMILIES
CNN: Inflation fell for the eighth-straight month in February
WASHINGTON, D.C. — Today’s CPI report shows inflation cooling for the eighth straight month, further evidence that President Biden’s economic agenda is working for working families. Not only is inflation falling, but America’s labor market remains strong, unemployment is near record lows, including for Black and Latino workers, and the Biden-Harris agenda is spurring manufacturing investments in communities nationwide.
“As we continue to see costs coming down for working families across the country, President Biden is fighting to build on this progress – including by opposing Congressional Republicans’ plans to raise costs and balloon the deficit,” said Building Back Together Executive Director Danielle Melfi. “Republicans in Congress remain a significant obstacle to lower costs for families; they want to increase costs while delivering massive tax giveaways to the ultra wealthy and big corporations. President Biden’s agenda is lowering costs for the middle class – including the cost of prescription drugs like insulin – and his FY 2024 budget goes even further, lowering the cost of child care, education, housing, and more. ”
Today’s CPI report builds on previous economic data showing the Biden-Harris agenda is delivering a strong and resilient economy:
- The labor market remains strong under President Biden’s leadership, with 311,000 jobs added in February.
- 12.4 million jobs have been created during the first two years of President Biden’s term.
- The unemployment rate has remained below 4% for more than a year under the president’s leadership.
- Workforce participation rates are back to where they were before the pandemic.
President Biden knows there is still more work to be done to continue lowering costs. His budget for FY 2024 aims to finish the job:
- President Biden’s budget invests in America and its people with funding for manufacturing.
- It strengthens Social Security and protects Medicare for the next generation.
- The president’s budget reduces the deficit by making the wealthy and large corporations pay their fair share, cracking down on fraud, and cutting wasteful spending on special interests like Big Pharma and Big Oil.
- From child care and prescription drugs to housing, energy bills, and health insurance, the president’s budget will lower costs for everyday families.
The biggest threat to our economic progress is Republicans in Congress, who just last week announced a plan that would be a gut punch to the American middle class:
- Their plan would kill newly-created American manufacturing jobs and only benefit the ultra wealthy and big corporations.
- These are the same Republicans in Congress who threaten default on the American economy and reckless cuts to critical programs like Medicare, Medicaid, and Social Security that American seniors and families count on.