Statement from President Joe Biden on July PCE Inflation Report

President Joe Biden's statement on the July PCE inflation report highlights that inflation has fallen to 2.5%, the lowest in over three years. Wages are growing faster than prices, giving people more income since the pandemic. Despite this progress, Biden acknowledges that prices are still too high and outlines efforts to reduce costs, including building 3 million new homes, expanding prescription drug caps, and investing in energy production. He criticizes Congressional Republicans for proposing tax cuts for billionaires and corporations while increasing taxes on average Americans, claiming their plans would reignite inflation and harm the middle class.

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