Palm Springs, CA
Amidst reports that inflation has cooled to 3% in June, to the slowest pace in more than 2 years, President Joe Biden couldn’t be happier. The president, touting his “Bidenomics” stated,
“Good jobs and lower costs: That’s Bidenomics in action. Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong. Annual inflation has fallen each of the last twelve months and is now down to 3%. We’ve made this progress while unemployment remains near record lows and a higher share of working age Americans are in jobs now than in 20 years.
Real wages for the average American worker are now higher than they were before the pandemic, with lower wage workers seeing the largest gains. Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day. I ran for office to grow the economy from the middle out and bottom up, not the top down: that’s exactly what we’re doing.”
The stock market has rallied since since reports of cooler inflation while all eyes are on the Federal Reserve to see if they will continue fed hikes.
President Joe Biden is not expected to face a Democratic challenger for his re-election campaign in 2024.