nflation data released on Wednesday shows that prices are returning closer to normal levels and that wage growth is significantly above inflation for the first time in over two years, offering some of the most hopeful news about the economy since prices skyrocketed 16 months ago.
President Joe Biden celebrated Wednesday’s report, pointing to steps his Administration has taken to tackle costs while creating new jobs. “Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day,” he said in a statement. “I ran for office to grow the economy from the middle out and bottom up, not the top down: that’s exactly what we’re doing.
. Persistent inflation has been one of the main sticking points in the public’s perception of his presidency.. Democrats know that their chances of keeping the White House largely hinge on the economy and are severely diminished if voters see the Republican nominee as more capable and trusted on the issue. “Whoever the Republican nominee for president is, they should litigate Biden’s record on the economy,” says Robert Blizzard, a veteran GOP pollster.