President <a href="https://www.dailywire.com/topic/joe-biden" target="_blank" rel="noopener">Joe Biden</a> touted his economic record and decreasing <a href="https://www.dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> during a speech in <a href="https://www.dailywire.com/topic/milwaukee" target="_blank" rel="noopener">Milwaukee</a>, Wisconsin, on Tuesday even as millions of Americans pay hundreds more for basic goods and services than two years ago.
Biden pointed to lower inflation even as a <a href="https://nypost.com/2023/08/14/inflation-forcing-americans-to-spend-709-more-per-month-versus-2-years-ago/" target="_blank" rel="noopener">new report</a> said that Americans paid $709 more dollars for basic goods and services in July 2023 than they did in July 2021, which was just months into Biden’s time in office. The spending was also $202 dollars more than July 2022, according to Mark Zandi, the chief economic analyst for Moody’s Analytics.
“In case you haven&#8217;t noticed, inflation is down, too — and it&#8217;s going lower,&#8221; Biden said during his Tuesday speech. The speech took place as Biden promoted his “Bidenomics” vision in <a href="https://www.dailywire.com/topic/wisconsin" target="_blank" rel="noopener">Wisconsin</a>, which will be a key 2024 battleground state in the race for the presidency.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BIDEN: &quot;In case you haven&#39;t noticed, inflation is down, too — and it&#39;s going lower!&quot; <a href="https://t.co/RUArfFCleQ">pic.twitter.com/RUArfFCleQ</a>
&mdash; RNC Research (@RNCResearch) <a href="https://twitter.com/RNCResearch/status/1691514243189723136?ref_src=twsrc%5Etfw">August 15, 2023</a></blockquote>
Biden also claimed in his speech that the U.S. had the strongest economy in the world.
&#8220;We have the strongest economy in the world. You&#8217;re looking at me a little skeptical, but I promise you. Check it out,” Biden said while speaking at a wind turbine factory.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BIDEN: &quot;We have the strongest economy in the world! You&#39;re looking at me a little skeptical&#8230;&quot; <a href="https://t.co/fekdI5YJdF">pic.twitter.com/fekdI5YJdF</a>
&mdash; Townhall.com (@townhallcom) <a href="https://twitter.com/townhallcom/status/1691521332993757184?ref_src=twsrc%5Etfw">August 15, 2023</a></blockquote>
Republicans have pointed to a decline in real wages and lingering <a href="https://apnews.com/article/biden-politics-inflation-economy-wisconsin-bidenomics-e665ae858f03f2d62cba65b6c4625d3f" target="_blank" rel="noopener">3.2% inflation</a>, which is <a href="https://www.washingtonexaminer.com/restoring-america/news/white-house/biden-takes-no-blame-for-inflation#:~:text=The%20inflation%20rate%20was%201.4,Reserve%27s%20target%20rate%20of%202%25." target="_blank" rel="noopener">nearly</a> 2% higher than when Biden first took office. Gas prices have jumped in recent weeks, hitting the highest prices seen in months. In the last several days, the national average has <a href="https://www.cnn.com/2023/08/14/investing/gas-prices-going-up/index.html" target="_blank" rel="noopener">increased</a> to $3.86 a gallon, the highest since October 19, 2022.
“Real wages are down and gas prices are up,” House Speaker Kevin McCarthy (R-CA) said on X. “You are paying the price for failed leadership.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Today, President Biden will tout his economic plan in Milwaukee, WI
“Bidenomics” costs Americans $709 a month to pay for the same goods they had just 2 years ago. Real wages are down and gas prices are up
You are paying the price for failed leadership <a href="https://t.co/xZQ6L4yiL9">https://t.co/xZQ6L4yiL9</a> <a href="https://t.co/tpjTijtFrW">pic.twitter.com/tpjTijtFrW</a>
&mdash; Kevin McCarthy (@SpeakerMcCarthy) <a href="https://twitter.com/SpeakerMcCarthy/status/1691509422571319311?ref_src=twsrc%5Etfw">August 15, 2023</a></blockquote>
The president’s stop in Milwaukee came as Biden commemorates the passage of the so-called “Inflation Reduction Act,” a measure many economists said would not actually move the needle on inflation.
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“I can’t think of any mechanism by which it would have brought down inflation to date,&#8221; Harvard University economist Jason Furman <a href="https://abcnews.go.com/US/wireStory/inflation-inflation-reduction-act-deserve-credit-102232837#:~:text=“I%20wish%20I%20hadn%27t,people%20being%20able%20to%20meet" target="_blank" rel="noopener">told</a> the Associated Press.
Biden has also said that the law, which <a href="https://www.dailywire.com/news/bidens-green-energy-boondoggle-keeps-getting-bigger">dumped billions</a> into the green energy industry, shouldn’t have had an inflation related name.
“I wish I hadn’t called it that because it has less to do with reducing inflation than it has to do with providing alternatives that generate economic growth,” Biden said last week.

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Biden Touts Record On Inflation As Americans Spend Hundreds More Per Month

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Biden Touts Record On Inflation As Americans Spend Hundreds More Per Month