Six Months of Falling Prices Thanks to President Biden’s Economic Leadership

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Washington Post: Inflation slowed further in December, a sixth month of easing prices

Reuters: U.S. consumer prices fall in December; weekly jobless claims edge down

WASHINGTON, D.C. — Today’s CPI report shows prices coming down for the sixth straight month under President Biden’s leadership. His economic policies are lowering costs for working families, giving millions of Americans more breathing room in their budgets. On top of easing inflation, GDP growth is up, wages are up, unemployment is down, and billions of dollars are being invested here at home to create good-paying manufacturing jobs across the country.

“President Biden’s plan to build our economy from the bottom up and middle out is working,” said Building Back Together Executive Director Danielle Melfi. “His policies are providing relief from high prices, including for food and gas, while creating jobs and spurring economic growth. He’s laser-focused on the needs of working families – unlike House Republicans, who are busy enabling wealthy tax cheats and caving to corporate special interests. President Biden stands with middle class Americans, and he’s going to keep building on this historic progress to deliver for them.”

Today’s CPI report, which shows inflation at its lowest level since October 2021, builds on previous economic data showing the strength and resiliency of our economy:

  • The most recent GDP report exceeded growth expectations.
  • Gas prices are down more than $1.70 from their peak.
  • The most recent jobs report showed 223,000 jobs added to the U.S. economy, bringing the total for 2022 to 4.5 million jobs created, with average hourly wages increasing by 4.6%.
  • Unemployment is at its lowest level in 50 years, including near-record low unemployment for Black and Latino Americans and record low unemployment for those with disabilities.

The Inflation Reduction Act President Biden signed is bringing down the cost of essentials like health care, prescription drugs, and energy bills:

  • The Inflation Reduction Act lowers health insurance costs for 13 million Americans by an average of $800 a year under the Affordable Care Act. 
  • This week, HHS laid out their plan to negotiate cheaper prescription drug costs for Medicare recipients thanks to the Inflation Reduction Act.
    • In addition to these savings, Medicare Part D recipients now have their monthly insulin costs capped at $35.
    • All recommended vaccines for adults are free of charge for those enrolled in Medicare Part D.
  • 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.
    • Families who buy a new EV made in the U.S. can get a tax rebate of up to $7,500 – up to $4,000 for a used electric vehicle.
    • And families can get a 30% rebate for home energy improvements to save them money while fighting climate change.