Americans are being squeezed by the cost of living: It’s been that way for years, and they didn’t need today’s report to tell them that. That’s a major reason I ran for President. Giving middle-class families some breathing room when managing their expenses is crucial.
Today’s report shows some progress in the fight against higher prices, although there is still more work to do. Inflation has averaged 2% annually over the past three months. That’s down from 11% in the previous quarter.
But even with this progress, the prices are still too high. Fighting the global inflation that is affecting countries around the world and working families here at home is my top priority.
Because of my economic plan, the United States is in a stronger position than any other major economy to meet this challenge. And my policy – implemented by the Democrats – directly combats the pricing pressures we’ve seen in today’s report, such as B. Health care. The Inflation Mitigation Act secures lower healthcare premiums for 13 million people, lowers prescription drug prices for seniors, and caps their prescription drug out-of-pocket expenses at the pharmacy to $2,000 a year. The anti-inflation law will also reduce families’ energy bills in the coming months.
The top priority for Republicans in Congress is repealing the Inflation Reduction Act. That’s exactly the wrong thing at this moment. If Republicans take control of Congress, the day-to-day costs will go up — not down.