Biden touts core inflation falling to two-year low: ‘Bidenomics in action’
October 12, 2023 10:51 AM
President Joe Biden celebrated the September consumer price index on Thursday, highlighting core inflation falling to its lowest level since September 2021.
Overall inflation held steady at 3.7% year over year, according to data published Thursday morning by the Bureau of Labor Statistics, while core inflation, which sets aside energy and food prices, fell to 4.1%, compared to 4.3% the month prior.
“This morning’s report shows core inflation fell to its lowest level in two years,” Biden wrote. “Overall inflation is down by 60% from its peak at a time when unemployment has remained below 4% for 20 months in a row, and the share of working-age Americans in the workforce is the highest in 20 years. That’s Bidenomics in action.”
“I’ll continue to fight to build an economy from the middle out and bottom up — even as Republicans in Congress make reckless threats to weaken our economy, prioritize tax cuts for the wealthy and large corporations, and push for deep cuts to programs that are essential for hardworking Americans and seniors,” the president concluded.
For months, the majority of people have given Biden negative marks for his economic stewardship, but a recent poll from NBC News put his economic approval rating at just 38%, a low point for his term.
And Republicans pointed to the September CPI report as evidence that “Bidenomics” isn’t working.
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“On a year-over-year basis, inflation has averaged 6% under Biden — more than double the level of inflation under any of the last four presidents,” Republican National Committee spokesman Jake Schneider said in a statement. “Americans’ finances are hardest hit. Since Biden took office, food prices are up more than 20%, rent is up more than 17%, and electricity is up almost 27%. All told, prices are up by 17.7% while real wages are down by 3.2% under Biden.”
“As Americans pay substantially more for just about everything, the average real wealth for middle-class households is down more than $33,000 in the past year. More Americans are behind on credit cards, auto loans, and personal loans than at any time since the Great Recession, and credit card debt is at an all-time high. Interest rates are at their highest in more than two decades, the average monthly payment for a new vehicle is at a record high, and housing is ‘less affordable than ever,'” he continued. “We are, once again, seeing ‘Bidenomics’ in action — and it’s not good.“