By Karen Stokes
Bharat Ramamurti, deputy director of the National Economic Council (Photo/National Journal)
On Wednesday, the President released a statement on the June Consumer Price Index.
“Good jobs and lower costs: That’s Bidenomics in action. Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong. Annual inflation has fallen each of the last twelve months and is now down to 3%,” said President Biden.
Bidenomics is the economic vision of growing the economy from the bottom up to the middle out rather than from the top down.
Bharat Ramamurti, Deputy Director of the National Economic Council explained Bidenomics consists of three core ideas:
1) Making more in America by investing in American manufacturing and American jobs, the President prioritized over the first two years with in infrastructure bill with the inflation reduction act that is creating investment in new clean energy jobs in the United States and the Chips bill which is more semiconductor manufacturing in the United States so the President feels strongly that we need to make more of what we need here in the United States.
2) There is an emphasison empowering American workers. Driving down the unemployment rate. We’ve seen record low unemployment for Black and Hispanic workers, for workers with disabilities. We have the highest job satisfaction in 36 years.
3) Making sure we have a competitive and dynamic economy.
“The June Consumer Price Index (CPI) report brought a lot of good news. It shows that inflation has fallen for twelve straight months; it’s down to 3 percent which is the lowest it’s been for more than two years. The report also shows that wages are rising. The bottom line is that if you look internationally, the United States out of all the world’s economies has the lowest inflation and the strongest economic growth,” said Ramamurti.
President Biden announced that the June Consumer Price Index report is encouraging (Photo/CNBC)
Ramamurti added that one of the many benefits of having low unemployment is that when companies have to compete hard for workers, you see wages go up. Over the last 40 years we’ve seen an incredible increase in wage inequality, the top 10 percent, their wages have grown more quickly than the bottom 10 percent and just in the last 2 years we have seen that gap close by 25 percent. It’s because we’ve had this really positive job market where employers had to work hard to attract and retain lower income workers.
Small businesses and entrepreneurship have grown due to the policies of the Biden Harris Administration.
“There’s been an incredible small business boom under this President. If you look at applications to start new businesses, we’ve had 10.5 million in 2021 and 2022, which is millions more than we’ve had in any other two year period since we started collecting this data. Tens of billions of dollars have been deployed to small businesses across the country thanks to programs that were started with this administration,” Ramamurti said.
“Our progress in creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day. I ran for office to grow the economy from the middle out and bottom up, not the top down: that’s exactly what we’re doing,” the President said.