The White House announced that inflation has dropped to 2.3%, a pre-pandemic level, while the economy has grown nearly 3% this year. National Economic Advisor Lael Brainard noted that these improvements have been key to the post-pandemic recovery.
Notably, Brainard's statement, obtained by The White House, mentioned that gas prices have dipped to around $3.00 per gallon. This is the lowest price observed since before the pandemic, especially during Thanksgiving week. There was a mention of the cost of a Thanksgiving meal, which has seen a decline for the second consecutive year, easing the holiday spending for American households.
The statement also underlined that household incomes are effectively higher, seeing an increase of nearly $4,000 when accounting for price changes during this Administration. This comes as a piece of welcome news for working families who have been riding the seesaw of economic turbulence in recent years. Brainard emphasized the need to continue this momentum by focusing on cost reduction in critical areas such as housing and medicine.
While the progress appears promising, Brainard cautioned against hasty policy decisions that might undo this recovery. Working families remain at the forefront of the economic policies, as any sweeping changes could potentially "raise prices" for them, which Brainard warned against in her statement to The White House.
