President Joe Biden announced that U.S. inflation has dropped to 2.1%, nearing the Federal Reserve's 2% target. The White House noted this decrease coincides with significant economic growth of over 12% during Biden's term, the fastest rate for any president in the 21st century.
Alongside the financial update, President Biden noted that average incomes have risen by nearly $4,000 when adjusted for inflation. This increase coincides with a drop in gas prices, now averaging $3.13 per gallon, with 21 states reporting prices below $3.
President Biden emphasized that there is still more work to be done. He stated that his administration is committed to easing financial pressures on American families by increasing the housing supply, lowering healthcare insurance premiums, and making childcare more affordable.
President Biden criticized Congressional Republicans for advocating tax breaks for billionaires and large corporations, asserting that these policies would raise annual expenses for families by nearly $4,000 and could contribute to rising inflation. He expressed concern that such measures would strain average Americans by increasing their bills.
