Statement from President Joe Biden on September 2024 PCE

Inflation has now fallen to 2.1%-nearly at its 2% target. While critics said we needed a recession to lower inflation, instead inflation has come down while our economy has grown more than 12% over the course of my Administration-the fastest rate of any presidential term in the 21^st century. Incomes are up almost $4,000 after accounting for inflation, and gas prices are down to $3.13 per gallon and below $3 in 21 states.

We have more to do. We will keep fighting to lower costs by building millions of new homes, lowering health insurance premiums, and making child care more affordable. Congressional Republicans are fighting for tax breaks for billionaires and big corporations, while raising costs on families by nearly $4,000 a year with across-the-board tariffs that would cause inflation to skyrocket. They have a cost-raising agenda-we have a cost-cutting agenda.

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