As the nation grapples with the lingering effects of inflation, my administration remains steadfast in its commitment to alleviating the financial burden on American families.
Despite notable progress in reducing inflation by over 60% from its peak, with core inflation reaching its lowest level in three years, prices remain unaffordably high for many.
To address this, my economic agenda prioritizes tangible solutions to provide relief to families, including the construction of two million new homes to mitigate housing costs, confronting pharmaceutical giants to lower prescription drug prices, and urging grocery chains to reduce prices for consumers.
President Joe Biden Responds to April’s Consumer Price Index
In stark contrast, Congressional Republicans propose a regressive approach that would exacerbate the issue by reviving discredited trickle-down economics. Their plan involves slashing taxes for the ultra-wealthy and large corporations while increasing taxes for middle-class families.
This misguided strategy would shield special interests and pharmaceutical companies while undermining the welfare of workers and seniors by slashing Social Security and Medicare.
Such measures would inevitably lead to a surge in inflation, exacerbating the financial struggles of American families. My vision, however, is one of a more equitable future, where we confront special interests to reduce costs and provide a fair opportunity for the middle class to thrive.
