Democratic Party of Wisconsin on Falling Inflation
MADISON, Wis. — Democratic Party of Wisconsin Communications Director Joe Oslund released the following statement today after the U.S. Department of Labor announced that annual inflation has fallen to 3.1 percent:
“Today’s CPI report is yet another clear example that Bidenomics is working for Wisconsin families. Under the Biden-Harris Administration’s leadership, inflation continues to fall, wages are rising, thousands of new jobs are pouring back into our state, and hardworking Wisconsinites are reaping the benefits.
“MAGA Republicans like Donald Trump, on the other hand, continue to push failed trickle-down policies that would roll back President Biden’s transformative progress for America’s middle class. As the GOP continues to put the pocketbooks of the ultra-wealthy and big corporations ahead of Wisconsin families, President Biden, Vice President Harris, and Democrats remain focused on building our economy from the bottom up and the middle out.”
Here’s a look at how Bidenomics is delivering in Wisconsin and across the country:
- Core inflation has fallen to its lowest level in two years, and overall inflation is down by two thirds from its peak.
- The US economy added 199,000 jobs in November — bringing the total number of jobs created since President Biden took office to a record 14.1 million.
- A huge manufacturing boom has spurred more than $628 billion in private sector investments and created 815,000 manufacturing jobs, and another 830,000 in construction and engineering — more than at any point under the last administration.
- The unemployment rate has been under four percent for the longest stretch in 50 years, with record lows reached in Wisconsin this year.
- The share of prime working-age Americans in the workforce is at its highest level in over 20 years.
- All jobs lost during the pandemic have been regained, including an additional 4 million created.
- Wages are increasing at a 4.0 percent annual rate.
- Annual inflation is down by more than half since last summer.