President Biden’s Agenda Is Lowering Costs for Hardworking Families As Trump Pushes To Rig the Economy for the Ultra-Wealthy

In response to today’s CPI report, DNC Rapid Response Director Alex Floyd released the following statement:

“Today’s CPI numbers show that President Biden’s economic agenda is lowering costs for families thanks to his focus on putting hardworking Americans first. While Donald Trump is pushing tax handouts for the ultra-rich and doubling down on his schemes to slash hard-earned benefits for our seniors, President Biden is proposing a budget that would lower costs for working families, strengthen Social Security and Medicare, and make sure that billionaires and big corporations pay their fair share. Voters will reject Trump’s failed MAGAnomics agenda again this November because they know President Biden is focused on growing our economy from the middle out while Trump tries to once again rig the economy for the ultra-wealthy.”

NEW: Inflation is down nearly two-thirds from its peak and annual core inflation is the lowest since May 2021 under President Biden’s watch.

Steven Rattner, MSNBC: “Food inflation slowed in February, falling to 2.2%, the lowest rate since May 2021.”

Heather Long, Washington Post: “Wages are soaring above inflation again.

Average hourly wage growth in past year = 4.3%

Inflation in past year: 3.2%

Real wage growth above inflation in past yr = 1.1%” 

Steven Rattner, MSNBC: “Core inflation is now at its lowest rate since May 2021.”  

President Biden is driving down inflation while maintaining a historically strong job market.

Washington Post: “U.S. economy adds 275,000 jobs in latest sign of robust labor market”

New York Times: “Employers added 275,000 jobs in February, the Labor Department reported Friday, in another month that exceeded expectations. … fresh evidence that four years after going into pandemic shutdowns, America’s jobs engine still has plenty of steam.”

Heather Long, Washington Post: “JUST IN: Another strong jobs report. The US economy added 275,000 jobs in February as the hiring boom continues. (Hiring was 229k in January and 290k in December.)

Unemployment rate: 3.9% —> It’s been below 4% for two years

Wages: 4.3% in past year (above 3.1% inflation)”

It’s the greatest comeback story never told: America has the world’s best economic recovery under President Biden’s watch.

Former Trump Economic Adviser Steve Moore: “It is true that the United States today has the strongest economy. There is no question about it.”

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

“Since 2020, the United States has powered through a once-in-a-century pandemic, the highest inflation in 40 years and fallout from two foreign wars. Now, after posting faster annual growth last year than in 2022, the U.S. economy is quashing fears of a recession while offering lessons for future crisis-fighting.”

“On Friday, President Biden hailed fresh government data showing that annual inflation over the second half of 2023 fell back to the Federal Reserve’s 2 percent target. Coupled with Thursday’s news that the economy grew by 3.1 percent over the past 12 months, the Commerce Department report showed that the United States appears to have achieved an economic soft landing.”

Axios: “U.S. winning world economic war”

“The United States economy grew faster than any other large advanced economy last year — by a wide margin — and is on track to do so again in 2024.”

Forbes: “U.S. Economy Grew 2.5% Last Year, Defying Recession Calls”

Politico: “US growth shatters expectations, boosting Biden’s economic pitch”

While President Biden has helped create nearly 15 million new jobs, Donald Trump had the worst job record since Herbert Hoover – and growth had slowed even before the pandemic.

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.”

Trump’s MAGAnomics agenda handed out large tax gifts to the ultra-wealthy, causing the middle class to pay more in taxes than billionaires for the first time in history.

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

CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”

The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

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.”

Trump is now actively rooting for the U.S. economy to crash for his own political benefit.

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.”