With today’s report, annual inflation has come down 45 percent since last summer. The annual inflation rate has now come down 10 months in a row at a time when our economy and job market are strong, with the unemployment rate at its lowest level in more than 50 years. Gas prices are down nearly $1.50 from their summer peak, and prices at the grocery store have actually come down the last two months, providing some welcome breathing room for families. While we have more work to do to lower costs for families, the President’s Inflation Reduction Act is already working to lower the cost of prescription drugs, health care, and home energy costs. And with more than $400 billion in private sector manufacturing investments committed already, his Investing in America agenda is creating good jobs you can raise a family on in communities throughout the country.
With all this progress, the single biggest threat to our economy would be if House Republicans fail to prevent default. That would cost millions of Americans their jobs, increase costs, increase the deficit, and crater retirement accounts. As the President said to Congressional leaders yesterday, we must take default off the table – and then have a separate conversation about the budget. He simply will not accept attempts to take the full faith and credit of the United States hostage in order to enact an extreme agenda that would raise costs for hard-working families.