Inflation Falling for 12 Straight Months

Jul 12, 2023

Inflation Falling for 12 Straight Months

MADISON, Wis. — Today, the U.S. Bureau of Labor Statistics announced that annual inflation has fallen for 12 months in a row, reaching its lowest level in over two years. Democratic Party of Wisconsin Communications Director Joe Oslund made the following statement:

“Under the Biden-Harris administration’s steady leadership, annual inflation has fallen for 12 straight months, unemployment is at a historic low, and everyday costs are coming down—resounding proof of how Bidenomics is working overtime for Wisconsinites.

“While Republicans continue to shill for wealthy corporations shipping jobs overseas and call for MAGA policies that would raise costs for working families, President Biden, Vice President Harris, and Democrats are focused on continuing to grow Wisconsin’s economy from the middle out and bottom up—not the top down.”

Here’s a glimpse at how Bidenomics is building the economy from the middle out and bottom up, and bringing down costs for American families:

  • Annual inflation has now consistently fallen for 12 months straight, bringing it to its lowest level in more than 2 years.
  • More than 13.2 million jobs have been created, replacing all the jobs lost during the pandemic and creating nearly 4 million more – keeping unemployment under 4% for the longest stretch in over 50 years.
  • More Americans are part of the labor force – the highest share of working-age Americans in the workforce in over 20 years.
  • Wages for the average American worker have risen, with lower wage workers seeing the largest gains.
  • A huge manufacturing boom has spurred more than $503 billion in private sector investments and created over 1.5 million jobs in manufacturing, construction, and research & development.
  • The president’s agenda is lowering prices and saving Americans money on prescription drugs and groceries.