The President’s number one economic priority is tackling inflation, while maintaining a strong economy and labor market. Today’s data show that inflation remains too high. The good news is that gas prices have declined since these data were collected in June. This week, Congress passed the CHIPS and Science bill – a much needed investment in our economy – which will lead to lower costs of everyday goods like cars, computers, dishwashers and more. The Senate is also making progress on the Inflation Reduction Act, which will lower the price of prescription drugs and health care and lower the price of clean energy, all while decreasing the deficit and reforming our tax system so that the wealthiest Americans and corporations pay their fair share. Leading economists agree that this legislation would be an important step forward in fighting inflation and addressing some of our nation’s most pressing economic challenges.
The President will continue to do everything in his power to tackle inflation and work with Congress to lower prices.