In a statement from National Economic Advisor Lael Brainard, the September 2024 Consumer Price Index report shows inflation has returned to 2.4%, the same level as before the pandemic. Brainard highlights the administration’s successes, including the creation of 16 million jobs, rising incomes adjusted for inflation, and strong annual economic growth of 3.2%. The administration remains focused on lowering costs for middle-class families by building affordable housing, capping drug prices, and reducing health insurance premiums, while criticizing Congressional Republicans for advocating trickle-down policies that could increase family costs and benefit the wealthy.
Statement from National Economic Advisor Lael Brainard on the September 2024 Consumer Price Index
Today’s report shows inflation has fallen back down to 2.4%, the same rate as right before the pandemic. We keep making progress, with inflation returning to pre-pandemic levels, 16 million jobs created, lower interest rates, and low unemployment. Our economy has grown 3.2% per year under the Biden Harris Administration—stronger than during the previous administration. Incomes are up almost $4,000, after adjusting for inflation. We are working around the clock to help the families affected by Hurricane Milton and Hurricane Helene recover and rebuild, supported by our strong and resilient recovery.
President Biden and Vice President Harris will keep fighting to lower costs—by building new homes to lower rents, capping prescription drug costs and reducing health insurance premiums, and lowering taxes for middle-class families—as Congressional Republicans keep pushing trickle-down economics that would raise costs by nearly $4,000 per family while cutting taxes for billionaires and big corporations.
October 10, 2024 Washington, DC
Critical Questions:
- From an open market perspective, how sustainable is the 2.4% inflation rate, and what measures are in place to prevent future inflation spikes?
- How will the Biden-Harris Administration’s initiatives to lower costs (housing, healthcare, taxes) impact private sector competition and innovation?
- What are the potential risks for businesses in an environment of controlled inflation and rising middle-class incomes?
- How might the reduction in corporate tax cuts proposed by the administration affect private investment and economic growth in the long term?
- Could the administration’s focus on building affordable housing and capping prescription drug prices inadvertently distort market dynamics, creating unintended inefficiencies?
Sources: WH.gov, Midtown Tribune
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