New CPI Numbers Show President Biden’s Bidenomics Agenda Boosting Working Families After MAGAnomics Failed Them
November 14, 2023
Today’s CPI numbers show how Bidenomics continues to deliver for America’s hardworking families — bringing down inflation while maintaining one of the strongest job markets in U.S. history. The latest CPI report shows that President Biden is succeeding where Donald Trump failed, growing the economy from the bottom up and middle out – not the top down.
DNC Chair Jaime Harrison released the following statement on October’s CPI report:
“Today’s CPI report continues to show that Bidenomics is delivering for American families. Under Bidenomics, inflation is easing, wages are rising, millions of good-paying jobs have been created, and unemployment is near historic lows. Meanwhile, Republicans continue to push policies that would claw back President Biden’s transformative progress for hardworking families. As Republicans continue to pursue failed trickle-down economic policies of the past and shill for the ultra-wealthy and big corporations, Democrats remain focused on building an economy that works for everyone.”
Bidenomics is delivering under President Biden’s leadership – in the last month, the country saw new progress in bringing down inflation while maintaining a historically strong job market.
The 74’s Jim Roberts: “Consumer prices soften in October. That coupled with full employment is more good news for the Biden administration. (Market futures soar or the CPI news.)”
The Guardian: “US inflation cools to 3.2% as fuel prices drop and rise in housing costs slows”
GasBuddy Head of Petroleum Analysis Patrick De Haan: A great morning- #gasprices are still falling, 12 states now have average prices at $2.99/gal or less, the national average is $3.323/gal, with now 55,000 stations below $3. Prices stand 45c/gal lower than a year ago, saving Americans ~$165 million every day.
Let’s not forget that Trump’s failed MAGAnomics agenda ballooned the deficit to historic highs – in the interest of tax giveaways for the ultra-wealthy and giant corporations.
Washington Post Analysis: “One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump’s time in office.”
Washington Post Analysis: “The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.”
Politico: “The nation’s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump’s first term, Congress’ nonpartisan budget scorekeeper projected Tuesday.”
ProPublica: “Federal finances under Trump had become dire even before the pandemic. That happened even though the economy was booming and unemployment was at historically low levels. By the Trump administration’s own description, the pre-pandemic national debt level was already a ‘crisis’ and a ‘grave threat.’
“The combination of Trump’s 2017 tax cut and the lack of any serious spending restraint helped both the deficit and the debt soar.”
Trump’s extreme MAGAnomics policies produced the worst jobs record in modern American history.
Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”
Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”
Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”
Bloomberg: “Job growth was slightly slower in Trump’s first three years before Covid than it was during the last three years of the Obama administration, when the economy added 2.7 million jobs a year on average. Under Trump, that average was 2.2 million, until this year’s tumult more than wiped out the gains.”
And Trump’s reckless trade policies created new incentives for big corporations to ship hardworking Americans’ jobs overseas.
Brookings: “So over the years of the Obama administration there was a gradual recovery in manufacturing jobs and hours worked. Trump managed to destroy that through his ill-advised tariff tantrums in a short two years and put manufacturing into a recession.”
Bloomberg: “Another signature Trump policy, the trade war with China, actually hurt some of the manufacturers and farmers it was supposed to help. The Tax Foundation estimates if tariffs remain, 179,800 full-time equivalent jobs could be lost.”
Washington Post: “U.S. manufacturing was in a mild recession for all of 2019, according to data released Friday by the Federal Reserve.”