President Joe Biden touted his economic record and decreasing inflation during a speech in Milwaukee, 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 new report 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’t noticed, inflation is down, too — and it’s going lower,” Biden said during his Tuesday speech. The speech took place as Biden promoted his “Bidenomics” vision in Wisconsin, which will be a key 2024 battleground state in the race for the presidency.
BIDEN: "In case you haven't noticed, inflation is down, too — and it's going lower!" pic.twitter.com/RUArfFCleQ
— RNC Research (@RNCResearch) August 15, 2023
Biden also claimed in his speech that the U.S. had the strongest economy in the world.
“We have the strongest economy in the world. You’re looking at me a little skeptical, but I promise you. Check it out,” Biden said while speaking at a wind turbine factory.
BIDEN: "We have the strongest economy in the world! You're looking at me a little skeptical…" pic.twitter.com/fekdI5YJdF
— Townhall.com (@townhallcom) August 15, 2023
Republicans have pointed to a decline in real wages and lingering 3.2% inflation, which is nearly 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 increased 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.”
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 https://t.co/xZQ6L4yiL9 pic.twitter.com/tpjTijtFrW
— Kevin McCarthy (@SpeakerMcCarthy) August 15, 2023
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,” Harvard University economist Jason Furman told the Associated Press.
Biden has also said that the law, which dumped billions 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.