The annual rate of inflation has fallen below three percent for the first time since March of 2021. This is very important because it is one of the few statistics that were being used against us economically. The GDP grew by 3.1% in 2023 better than any year under Donald Trump. The unemployment rate is 4.3%.
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Annual inflation falls below 3 percent for first time since March 2021
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Consumer prices rose 0.2 percent in July following two straight months of flat or declining prices, the Labor Department reported Wednesday.
The consumer price index (CPI) also slowed to a 2.9 percent annual increase in July, down from 3 percent in June, falling below 3 percent for the first time since March 2021.
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Politifact agrees that it is mostly true that the US has had the lowest rate of inflation among the world's leading economies
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The White House pointed PolitiFact to slightly different data compiled by its own Council of Economic Advisers that sought to iron out methodological differences in how different countries calculate inflation. But the conclusion aligned with our findings: After tracking higher than the other G-7 nations in early 2022, inflation in the U.S. now rests at the bottom of the G-7.
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From the end of 2019 to the end of 2023, U.S. GDP grew by 8.2 percent—nearly twice as fast as Canada's, three times as fast as the European Union's, and more than eight times as fast as the United Kingdom's.Jun 10, 2024
https://www.theatlantic.com › ideas
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From just before the pandemic to now, real GDP has grown by 9.4% in the US, better than any other G7 nation.
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The NY Times notes that there is a large discrepancy between what President Biden has done for the economy and what voters are willing to give him credit for
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It has since fallen toward more normal levels, but remains higher than the Fed’s target rate of 2 percent.
That price growth has muddied Mr. Biden’s jobs pitch. No incumbent president since 1948, the dawn of modern unemployment statistics, has lost a campaign with an unemployment rate as low as the one Mr. Biden now enjoys — 4 percent, a slight increase from earlier in his presidency. (President Lyndon B. Johnson had a lower rate in 1968, 3.5 percent, but he chose not to run.)
No other president has come close over a four-year term to the nearly 16 million jobs that have now been added on Mr. Biden’s watch, including 272,000 in May, according to the Labor Department.[countering the Republican lie that a recovery was already underway ] But that employment recovery, which had stalled in the months before Mr. Biden took office, re-accelerated after Mr. Biden signed a $1.9 trillion economic stimulus law.
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Yet a lot of people who claim to be progressive were willing to let Donald Trump return to office.
