The August PCE report reveals inflation has returned to 2.2%, similar to pre-pandemic levels, while interest rates have decreased, making it more affordable to buy homes, cars, and operate small businesses. President Biden highlighted the economic growth of over 10% under his administration, along with rising incomes and stronger savings. He emphasized ongoing efforts to lower costs, build new homes, reduce prescription drug prices, and cut taxes for families, contrasting his plan with Congressional Republicans’ proposals that he argues would raise costs for middle-class families and favor wealthy individuals and big corporations.
Statement from President Joe Biden
on the August PCE Report
Today’s report shows inflation has come back down to 2.2%, similar to pre-pandemic levels, at a time when interest rates have fallen—lowering the cost of buying a home or car, or operating a small business. This follows yesterday’s news that on my watch the economy has grown more than 10% and incomes are up nearly $4,000, after accounting for inflation. The economy, incomes, savings, and consumer spending are all stronger than previously estimated.
We have more work to do to lower costs and create opportunities for Americans. The Vice President and I want to build millions of new homes, continue to lower the price of prescription drugs and health care, and cut taxes for families, small businesses, and industries of the future. Congressional Republicans would take the opposite approach—raising costs for middle-class families by nearly $4,000 per year while giving more tax cuts to the wealthy and big corporations. That’s not how you grow the economy, or the middle class.
September 27 2024 Washington, DC
Sources: Midtown Tribune, White House WH.gov