December 26, 2023
Rep. Elise Stefanik, R-N.Y., took aim at President Joe Biden’s economic policies Tuesday.
“The inflation rate has increased by over 17% since Joe Biden took office. #Bidenomics is placing a financial burden on all hardworking Americans,” Stefanik posted on X.
Under Biden, cumulative price increases have reached 17.4%, surpassing hourly wage growth, which stood at 13%. Among recent presidents, only Jimmy Carter faced a higher inflation rate, with 26.2% at a comparable point in his term, according to Roll Call.
Biden’s Presidential Inflation Rate (PIR) is three times that of Donald Trump (5.6%) and George W. Bush (5.4%) at the same point in their first terms as president.
While inflation has decreased from 2022’s historic highs, prices have not dropped dramatically.
The Commerce Department’s recent report revealed a 0.1% decline in U.S. consumer prices last month, yet a 2.6% increase from November 2022. Core inflation, excluding volatile food and energy prices, rose 0.1% month-over-month and 3.2% year-over-year, the Associated Press reported.
Interest rates on significant loans, including mortgages, tend to follow Federal Reserve policy. The benchmark 30-year fixed-rate mortgage has dropped to a six-month low of 6.67%, down from October’s 7.79%.
After 11 rate hikes since March 2022, inflation has declined from last year’s four-decade highs. The Labor Department’s consumer price index rose 3.1% last month, down from June 2022’s 9.1% year-over-year increase.
Contrary to predictions, higher rates have not yet triggered a recession, fostering optimism for a “soft landing” as the Federal Reserve aims to reach its 2% year-over-year inflation target without harming the economy.
The Commerce Department’s Personal Consumption Expenditures (PCE) price index, issued Friday, indicated a year-over-year inflation peak of 7.1% in June 2022. In the preceding month, personal income experienced only a 0.4% increase, marking a slight uptick from the 0.3% recorded in October.
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