MADISON, Wis. — Today, the Bureau of Labor Statistics announced that annual inflation has fallen for eleven months in a row, bringing inflation to its lowest annual rate in more than two years.
“While Republicans are fighting tooth and nail to give handouts to special interests and big corporations and increase the debt by hundreds of billions, the Biden-Harris Administration is delivering real results for working Wisconsin families,” said Democratic Party of Wisconsin Communications Director Joe Oslund. “Today’s strong Consumer Price Index report reaffirms what we already know: President Biden and Democrats are lowering costs for families while investing in America. Annual inflation has fallen for nearly a year straight and unemployment in Wisconsin has reached yet another record low, showing how Wisconsinites are reaping the benefits of the Biden-Harris Administration’s economic agenda everywhere from the gas pump to the pharmacy counter.”
Here’s just a few examples of how President Biden and Democrats are bringing down costs for working families:
- Creating more than 13 million jobs, bringing unemployment to historic lows. In Wisconsin, unemployment hit a new record low in April at 2.4%.
- Driving annual inflation down for 11 months, bringing it to its lowest level in more than 2 years — and less than half what it was last June.
- Investing in clean energy and bringing energy prices down by more than 6% over the last year while lowering gas prices — which are down roughly 30% from last year.
- Lowering prices at the supermarket, with egg prices down nearly 14%.
- Taking on Big Pharma and saving millions of Americans money by lowering prescription drug costs. In January, Democrats’ Inflation Reduction Act capped the cost of insulin at $35 for Medicare beneficiaries, benefiting nearly 60,000 Wisconsinites.
- Spurring a huge manufacturing boom with more than $470 billion in private sector investments and nearly 800,000 good-paying manufacturing jobs.
- Supporting small businesses, with more than 10 million small business applications, the two highest years on record for new business formation. In Wisconsin, more than 9,000 small businesses in all 72 counties have benefited from Democrats’ investments in small businesses and Gov. Evers’ Main Street Bounceback Grant Program.