President Biden’s Agenda Is Bringing Down Inflation And Lowering Costs For Working Families

FOR IMMEDIATE RELEASE: November 10, 2022
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WASHINGTON, D.C. — This month’s CPI report shows inflation is easing thanks to President Biden’s leadership and his agenda. His fight to lower costs is delivering results for working families, and the cost-cutting policies in the Inflation Reduction Act he signed will deliver even further relief in the coming months. Gas prices continue to come down, and soon, working Americans will see lower costs for health care and prescription drugs as key provisions of the Inflation Reduction Act take effect in less than eight weeks.  

“This report shows continued progress under President Biden’s leadership and reflects his laser focus on bringing down inflation,” said Building Back Together Executive Director Danielle Melfi. “Since day one, he’s worked to build our economy back from the bottom up and the middle out, fighting to lower costs so that working families will have more breathing room in their budgets. Inflation is slowing down, even as the president knows there’s more work to be done to build on the economic progress he’s delivered for middle class Americans. Looking forward, President Biden is going to keep fighting to bring down costs – without sacrificing the historic job growth and manufacturing investments we’ve seen in the last year and a half.”

President Biden is building an economy that works for working families – lowering costs, creating jobs, and boosting American manufacturing:

  • 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.
  • 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.
  • We’re seeing historic investments by American companies to bring supply chains back to the U.S. and lower costs for consumers:
    • 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 over the next ten years to build semiconductors and quantum computers – creating an estimated 10,000 jobs.
    • Micron announced a $100 billion investment to build a massive semiconductor facility in New York, a project expected to create 50,000 jobs.
    • Micron also announced a $15 billion investment to build a new memory-chip manufacturing facility in Idaho.
    • First Solar, the largest American solar panel manufacturer, recently announced plans to increase their domestic production by around 75%. 
    • AT&T announced the first fiber-optic manufacturing facility in the U.S.

The Inflation Reduction Act President Biden signed is is helping to bring 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 beginning in January.
  • It will lower 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.