How to Talk About The Economy: More Jobs, Lower Costs

Last month, the U.S. Department of Labor announced that nonfarm payrolls increased by 209,000 jobs in June, bringing the total jobs created under President Biden’s and the Democrats leadership to over 13.2 million

  • The recent CPI (consumer price index) report brings new and encouraging evidence that inflation is falling while our economy remains strong.
    • Inflation has fallen for 12 months in a row to 3%—the lowest it’s been in over 2 years!
    • Wages are rising—wages for the average worker are now higher than they were before the pandemic, accounting for inflation.
    • The U.S. has the lowest inflation and strongest economic growth of all G7 nations.
    • We have never seen such a large drop in inflation while also seeing jobs growth.
  • Inflation is falling thanks to falling prices for a broad range of purchases.
    • Gas prices are down about $1.50 and energy prices are down by more than 16% from their peak after Putin invaded Ukraine.
    • Prices for goods like groceries, used cars and trucks, and airline tickets are down.
  • Bidenomics is growing our economy from the middle out and the bottom up, not the top-down.
    • 13.2 million jobs have been created under President Biden—nearly 4 million more jobs than before the pandemic.
    • 3.6% unemployment—under 4% for the longest stretch in over 50 years!
    • More Americans are joining the labor force—the highest share of working-age Americans have jobs in over 20 years.
    • Real wages for working-class Americans are up over the past year.
  • The Democrats’ agenda—Bidenomics—is lowering costs for families.
    • Taking on Big Pharma to lower prescription drug costs and cap insulin at $35 a month.
    • Investing in clean energy and countering Putin’s price hike to lower energy bills.
    • Strengthening supply chains and addressing disruptions to lower goods prices.
    • Respecting the Federal Reserve’s independence so they could fight inflation without political interference.

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36th Annual Harry S Truman Democratic Dinner

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