Chuck Schumer and Hakeem Jeffries talk about the Republican national sales tax plan.
Last updated on July 12th, 2024 at 06:24 pm
Lost in all of the domestic political drama is some really good news for Democrats. For the first time since the pandemic began, prices have fallen.
CNN reported:
The Consumer Price Index, a measurement of the average change in prices for a commonly purchased basket of goods and services, dropped 0.1% from May, which helped to slow the annual rate of inflation to 3% from 3.3% in May, according to the Bureau of Labor Statistics’ latest report.
Falling gas prices as well as a drop in new and used car prices helped to usher in the first month-on-month decline since May 2020, BLS data showed. On an annual basis, consumer prices are increasing at their slowest pace since June 2023, matching the lowest annual rate since early 2021.
The better-than-expected inflation report further bolstered hopes that a Federal Reserve rate cut could come sooner than later and help make borrowing money less expensive. Interest rates have been planted for months at a 23-year high as a result of the central bank’s inflation-fighting campaign.
To put these numbers into context, under former President Obama inflation averaged a historic low of 1.4% from 2009-2016. The inflation rate under Trump was 1.9%. From 1989 to 2008 inflation averaged 3%. These numbers are another blow to Trump’s claim that the economy during his presidency was the greatest in history. The reality is that the Trump economy wasn’t as good as Barack Obama’s. If inflation continues to drop for Biden, it will be lower than the recent historical average, but higher than it was under Trump.
The difference bing that Trump only had the pandemic for his last year in th White House. Most of Biden’s presidency has been spent in pandemic recovery.
Things are gettijg better for Democrats at the right time, and elections are all about peaks ands vallies and the timing of each influences results.
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