In response to today’s PCE report, which shows that inflation is down two-thirds from its peak and is at its lowest level in nearly three years, DNC Rapid Response Director Alex Floyd released the following statement: 

“This report makes clear that President Biden’s economic agenda is making great progress on bringing costs down for working families. Thanks to Bidenomics, inflation is at the lowest level in nearly three years, wages are rising, and unemployment remains below four percent for the longest stretch in 50 years. The numbers speak for themselves — and while Trump wants to rig the economy for his ultra-wealthy friends, President Biden and Democrats are laser-focused on lowering costs and building the economy from the bottom up and the middle out.”

NEW: The latest PCE report shows that inflation is at its lowest level since early 2021. 

@charliebilello: “More evidence of a decline in US Inflation… The PCE Price Index moved down to 2.4% in January, its lowest level since February 2021. Cycle peak was 7% in June 2022.”

New York Times: “A measure of inflation closely watched by the Federal Reserve continued to cool on an annual basis in January, the latest sign that price increases are coming back under control even as the economy continues to chug along.”

Forbes: “Key Inflation Measure Falls To Lowest Rate Since Early 2021”

CNN: “The Fed’s favored inflation gauge eases to slowest pace in more than two years”

President Biden’s economic agenda continues to lower everyday costs and create jobs for hardworking families. 

Axios: “The first look at the 2024 labor market shows it’s on fire.”

Washington Post: “Falling inflation, rising growth give U.S. the world’s best recovery”

Associated Press: “American consumers feeling more confident than they have in two years”

CNN: “The US economy added 353,000 jobs in January, starting off 2024 with a bang”

Trump’s MAGAnomics agenda ran the economy into the ground by handing tax breaks to the ultra-wealthy and big corporations, running up the deficit, and creating incentives for corporations to ship jobs overseas. 

Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”

Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”

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.”

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.”

And let’s not forget that Trump is rooting for the U.S. economy to crash for his own political gain. 

Trump: “And 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.”

Daily Beast: “Donald Trump admitted Monday that he wants a severe economic downturn to happen during the next year, because it will help his odds of winning the presidential election.”