During a speech in Milwaukee, Wisconsin, on Tuesday, President Joe Biden talked about how good the economy is and how inflation is going down, even though many Americans pay hundreds more for basic goods and services than they did two years ago.
A recent report says that Americans will pay $709 more for basic goods and services in July 2023 than they did in July 2021, when Biden took office. Mark Zandi, the top economic expert at Moody’s Analytics, says that the amount spent was also $202 more than in July 2022.
“In case you haven’t noticed, inflation is also going down,” Biden said in a speech on Tuesday. Biden gave the speech to support his “Bidenomics” plan in Wisconsin, which will be a key presidential swing state in 2024.
In his speech, Biden also said that the U.S. economy was the best in the world.
“Our business is the best in the world. You’re giving me a suspicious look, but I promise. “Check it out,” Biden said as he spoke at a plant that makes wind turbines.
Republicans have said that real wages have gone down and that inflation has stayed at 3.2%, which is nearly 2% higher than when Biden took office. In the past few weeks, gas prices have gone up and reached their highest point in months. In the last few days, the average price has gone up to $3.86 a gallon, which is the highest it has been since October 19, 2022.
“Real wages are going down and gas prices are going up,” House Speaker Kevin McCarthy (R-CA) said on X. “You’re paying for bad leadership,” he said.
Biden was in Milwaukee to celebrate the passage of the so-called “Inflation Reduction Act,” which many scientists said wouldn’t make much of a difference on inflation. The president was there at the same time.
Jason Furman, an economist at Harvard University, told the Associated Press, “I can’t think of any way it would have lowered inflation so far.”
Biden has also said that the name of the law that put billions of dollars into the green energy business shouldn’t have been linked to inflation.
Biden said last week, “I wish I hadn’t called it that because it has less to do with lowering inflation and more to do with giving alternatives that lead to growth in the economy.”
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