Press Release
☷Statement from President Joe Biden on the February Consumer Price Index
White House ( By Press Release office)
Mar 14,2024
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However , as I mentioned in my State of the Union address , there is still more work to be done in order to reduce costs and provide the middle class with equal opportunities . The budget proposal I presented yesterday includes measures to tackle the high costs of prescription drugs by taking on Big Pharma . It also aims to lower housing expenses by either constructing or preserving two million homes . Additionally , it seeks to reduce expenses in healthcare , childcare , and education . Moreover , it aims to decrease taxes for hardworking families while ensuring that billionaires pay their fair share . My main focus when it comes to the economy is reducing expenses , and the latest report shows that we are making progress in that area . Inflation has decreased significantly since its peak , and the annual core inflation is the lowest it has been since May 2021 . Wages have been increasing at a faster rate than prices over the past year and since the start of the pandemic . The prices of essential household items such as gas , milk , eggs , and appliances are lower compared to a year ago . We have managed to bring down inflation while maintaining unemployment below 4% , which is the longest period in over 50 years . In contrast , Congressional Republicans do not have a plan to address the issue of high costs . Their only approach seems to be providing more tax breaks for large corporations and the wealthy , while simultaneously cutting funding for Social Security , Medicare , and Medicaid . I will not allow this to happen .
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