Biden Touts Easing Inflation as ‘Bidenomics in Action’

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“Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong,” Mr. Biden said in the statement. “Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day.” In a speech at the Economic Club of New York on Wednesday, Lael Brainard, the director of the National Economic Council, said that the United States economy was outperforming other advanced nations. She said that inflation in the U.S. was now the lowest among the Group of 7 countries while its recovery from the pandemic has been the strongest. “The economy is defying predictions that inflation would not fall absent significant job destruction,” Ms. Brainard said, according to her prepared remarks. While the latest data showed that Mr. Biden may be able to get that gentle slowdown, the economy still faces headwinds. The Fed, which has raised interest rates above 5 percent to try and cool the economy, is expected to lift them again later this month. Treasury Secretary Janet L. Yellen said in an interview with CBS this week that a recession is “not completely off the table.” Still, she expressed optimism that while the labor market would likely soften, the United States would not experience such a downturn.