Iowa Democratic Party Celebrates Inflation Falling For 12 Straight Months

Iowa Democratic Party Chair Rita Hart issued the following statement on the June CPI report and the many ways ‘Bidenomics’ is benefitting Iowans. The U.S. Bureau of Labor Statistics report showed that annual inflation has fallen for 12 months in a row, reaching its lowest level in over 2 years

“President Biden has shown what happens when we build our economy from the middle out and bottom up. This latest CPI report highlights what many Iowans are noticing on their grocery bills and at the gas pump – prices are falling and wages are rising. There is still plenty of work to be done; but, thanks to President Biden’s leadership, we’re on the right path.”

Here’s a glimpse at how Bidenomics is building the economy from the middle out and bottom up, and bringing down costs for American families:

  • Annual inflation has now consistently fallen for 12 months straight, bringing it to its lowest level in more than 2 years.

  • More than 13.2 million jobs have been created, replacing all the jobs lost during the pandemic and creating nearly 4 million more – keeping unemployment under 4% for the longest stretch in over 50 years.

  • More Americans are part of the labor force – the highest share of working-age Americans in the workforce in over 20 years.

  • Wages for the average American worker have risen, with lower wage workers seeing the largest gains.

  • A huge manufacturing boom has spurred more than $503 billion in private sector investments and created over 1.5 million jobs in manufacturing, construction, and research & development.

  • Energy prices are down by more than 16% from their peak after Putin invaded Ukraine.

  • The president’s agenda is lowering prices and saving Americans money on prescription drugs and groceries.