President Biden’s Economic Agenda Is Reducing Inflation While Trump Would Raise Prices on Working Families 

Today’s CPI report shows that President Biden is making significant progress fighting inflation and bolstering the economy from the bottom up and middle out. Thanks to President Biden’s leadership, core inflation is the lowest it has been in more than three years. The American people are seeing one of the strongest job markets in American history with 15.7 million jobs created, rising wages, and historically low unemployment rates, and this month, they’re also seeing lower costs on expenses ranging from electricity to gas and airfare prices. Meanwhile, Donald Trump is promising more tax breaks for the ultra-rich on the backs of middle-class Americans while rooting for the economy to crash for his own political gain. The contrast is clear: President Biden is dedicated to delivering economic results for hardworking families, while Trump is running on the same disastrous trickle-down MAGAnomics agenda to help his billionaire backers instead of  the American people.

President Biden is fighting to bring down inflation, with core inflation at its lowest point in over three years. 

Heather Long, Washington Post: “JUST IN: Good news on inflation. Inflation rose just 3.0% (y/y) in June — among the lowest since early 2021.

A decline in gas prices and energy really helped cool off inflation more in June.

June monthly inflation increase: -0.1%

Past year inflation: +3.0%

Core CPI: +3.3% —>Lowest since April 2021”

CNN: “US consumer prices did something in June that they haven’t done since the early part of the pandemic: They fell.

“Consumer prices dropped 0.1% on a monthly basis, helping to bring the annual rate of inflation to 3% from 3.3% in May, according to the Bureau of Labor Statistics’ latest Consumer Price Index report.

“Falling gas prices as well as a drop in new and used car prices helped to usher in the overall decline, which marks the first month-on-month decline since May 2020, BLS data showed.” 

According to Moody’s Analytics, Donald Trump’s MAGAnomics agenda will slow down economic growth and cause higher inflation, even triggering a recession by 2025.

USA Today: “‘Biden’s policies are better for the economy,’ says Mark Zandi, chief economist of Moody’s Analytics. ‘They lead to more growth and less inflation.

“According to a Moody’s study, Trump’s plan would trigger a recession by mid-2025 and an economy that grows an average 1.3% annually during his four-year term vs. 2.1% under Biden. (The latter is in line with average growth in the decade before the pandemic.)

“Next year, under a Trump administration, inflation would rise from the current 3.3% to 3.6%, well above the 2.4% forecast under Biden, the Moody’s analysis shows. Compared with Biden, the U.S. would have 3.2 million fewer jobs and a 4.5% unemployment rate, a half percentage point higher, at the end of a Trump tenure.”

Trump actively rooted for the U.S. economy to crash for his own political benefit, regardless of how it would affect hardworking Americans. 

CNN: “Trump says he hopes any economic crash would happen before he could serve a possible second term.”

“When there’s a crash, I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover. The one president – I just don’t want to be Herbert Hoover,” Trump said in an interview that aired Monday on the right-wing platform Lindell TV.”

The Hill: “Trump says he hopes economy crashes in next 12 months: ‘I don’t want to be Herbert Hoover’”

USA Today: “Donald Trump says he hopes economy tanks this election year ‘because I don’t want to be Herbert Hoover’”