During a recent speech in Milwaukee, Wisconsin, President Joe Biden highlighted the achievements of his administration in the economic sector, emphasizing the decline in inflation. Despite his positive remarks, data indicates that Americans are now paying an additional $709 for basic goods and services compared to July 2021, just a few months after Biden assumed office. This figure is also $202 higher than the amount in July 2022, as reported by Mark Zandi, Moody’s Analytics’ chief economic analyst.
Biden’s address in Wisconsin was part of his campaign to promote his economic vision, dubbed “Bidenomics.” During his speech, he confidently stated, “In case you haven’t noticed, inflation is down, too — and it’s going lower.” He also asserted that the U.S. boasts the strongest economy globally, a claim he made while speaking at a wind turbine manufacturing facility.
However, Republicans have voiced concerns over the current economic situation. They highlight the decline in real wages and the persistent 3.2% inflation rate, which is almost 2% higher than when Biden first took office. Additionally, gas prices have surged recently, reaching an average of $3.86 per gallon, the highest since October 19, 2022. House Speaker Kevin McCarthy (R-CA) criticized the administration, stating, “Real wages are down and gas prices are up. You are paying the price for failed leadership.”
Biden’s visit to Milwaukee also marked the commemoration of the “Inflation Reduction Act.” However, many economists, including Harvard University’s Jason Furman, have expressed skepticism about the act’s effectiveness in curbing inflation. Biden himself has expressed regret over the act’s name, suggesting it might not accurately reflect its purpose. He mentioned that the law’s primary goal was to stimulate economic growth by investing in the green energy sector rather than directly addressing inflation.