Statement from President Joe Biden on June 2024 PCE

Today’s report shows we are making real progress fighting inflation. Over the last year, inflation has come down to 2.5% at a time when the economy has grown 3.1%, we’ve created 2.6 million new jobs, and wages are rising faster than prices. The agenda that Vice President Harris and I are fighting for has helped us come back strong from the worst economic crisis since the Great Depression and deliver for working families.

We’re going to keep building on this progress to lower costs for all Americans by expanding on our success capping prescription drug costs and building more homes to lower rents. Congressional Republicans have a different plan, one that would “reignite” inflation by giving more massive tax cuts to the ultra-wealthy while raising costs for working families by taxing all imports. While they fight for special interests, the Vice President and I will keep fighting to rebuild the middle class.

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