POTUS Delivers Economic Growth for Working Families — Unlike MAGA “Trickle-Down” Agenda

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WASHINGTON, D.C. — Today’s GDP report demonstrates the strength and resilience of our economy under President Biden’s leadership – and underscores that his policies to build our economy from the bottom up and middle out are working. While there is still more progress to be made to bring down costs, 10 million jobs have been created under President Biden’s leadership, gas prices are falling, manufacturing jobs are coming back home from overseas, and the Inflation Reduction Act he signed reduces the cost of health care, prescription drugs, and energy bills. MAGA Republicans in Congress, who have stood with big corporations and special interests to oppose President Biden’s cost-cutting policies, have no plan to fight inflation. Their agenda would increase costs while gutting Medicare and Social Security and doubling down on failed trickle-down economics.  

“While President Biden fights to bring down costs for working families, MAGA Republicans in Congress continue to stand with the ultra wealthy, large corporations, and special interests instead of offering solutions to address inflation,” said Building Back Together Executive Director Danielle Melfi. “Their MAGA policies would increase health insurance premiums, prescription drug costs, and energy bills, give massive tax breaks to the largest corporations and the ultra wealthy, and cut Medicare and Social Security, programs that hard working Americans have paid into for decades. Ahead of today’s GDP report, these MAGA Republicans were rooting for our economy to fall into a recession – but, just like their vision for America, they were wrong. As President Biden says, it’s never a good idea to bet against the American people.”

The Biden-Harris Administration is taking action to lower costs:

  • Gas prices continue to drop, and are now down $1.26 since their peak this summer. That means the average two-car family is saving about $130 a month on average.  
  • Under President Biden’s leadership, Social Security checks are set to increase for the first time in 40 years – while Medicare costs are going down, meaning seniors across the country can get ahead of inflation.
  • This week, the administration announced new actions to take on banks and other large corporations that charge excess junk fees, working to save Americans money on their purchases.
  • The Biden-Harris Administration is also taking historic action to eliminate student loan debt for those making less than $125,000 a year – an action that will completely eliminate student debt for 1 in 4 Black Americans and nearly half of Latinos.
  • And the FDA recently announced hearing aids will be available over the counter for thousands of dollars less, giving nearly 30 million Americans more breathing room in their budgets.

President Biden is building a resilient American economy that delivers lower costs and good-paying jobs for working families:

  • 10 million jobs have been created under President Biden’s leadership.
    • Unemployment dropped to 3.5% last month in yet another sign of economic strength, with Latino unemployment hitting a record low and Black teen unemployment at the second-lowest level recorded.
    • Critically, real wages are on the rise as more workers are able to find good-paying jobs you can support a family on.
  • We’re seeing historic investments by American companies to bring supply chains back to the U.S. and lower costs for consumers:
    • Micron announced a $100 billion investment to build a massive semiconductor facility in New York, the largest investment of its kind and a project expected to create 50,000 jobs
    • This came after Micron announced a $15 billion investment to build a new memory-chip manufacturing facility in Idaho.
    • Hyundai announced plans to invest more than $5 billion and create more than 8,000 jobs in Georgia.
    • Honda and LG announced a $4.4 billion investment to build a new battery plant in Ohio, a project that will create an estimated 2,200 jobs.
    • IBM is making a $20 billion investment in New York over the next ten years to build semiconductors and quantum computers – creating an estimated 10,000 jobs.
    • First Solar, the largest American solar panel manufacturer, announced plans to increase their domestic production by around 75%. 
    • And AT&T announced the first fiber-optic manufacturing facility in the U.S.

These actions are in addition to the historic Inflation Reduction Act, which brings down the cost of essentials like health care, prescription drugs, and energy bills:

  • The Inflation Reduction Act lowers health care costs, making prescription drugs cheaper by allowing Medicare to negotiate lower prices and capping out-of-pocket costs at $2,000 annually.
  • It lowers health insurance costs for 13 million Americans by an average of $800 a year under the Affordable Care Act. 
  • And it saves families an average of $300 a year on their energy bills – while boosting manufacturing of clean energy like wind and solar here at home.

MAGA Republicans in Congress have no plan to lower costs – and, in fact, have a trickle-down plan that increases costs for working families:

  • First, their plan increases the deficit and fuel inflation by delivering massive tax cuts for the ultra rich and large corporations. 
  • Their plan repeals the Inflation Reduction Act, which would eliminate essential protections for Medicare recipients, raise health care and prescription drug costs for millions, and eliminate coverage entirely for many. 
  • And they want to cancel student loan forgiveness, opposing this relief for working Americans.
  • The Inflation Reduction Act’s cost-cutting policies are broadly popular and deliver for working families, unlike the trickle-down MAGA agenda.