Bidenomics Is Strengthening the Middle Class

Inflation is cooling, and the economy is returning to normal. Problems viewing this email? [View it in your browser]( [Center for American Progress]( InProgress from the Center for American Progress The Lowest Inflation In More Than 2 Years [US President Joe Biden speaks about the economy at the Old Post Office in Chicago, Illinois, on June 28, 2023. Biden is gambling his 2024 re-election on a continued strong US economy and manufacturing resurgence with the speech launching his newly branded "Bidenomics."] Inflation has cooled to its lowest rate in more than two years. New data from the U.S. Bureau of Labor Statistics show that June marked the lowest annual inflation rate [since March 2021]( a steady decline in each of the past 12 months. This is a clear sign that high inflation is going away and the economy is returning to normal. Gas prices remain significantly lower than their record highs last year. The [price of groceries]( such as meat, milk, and eggs, as well as the price of [new]( and [used cars]( all declined in June. Price increases for new leases have fallen [faster than average rent]( which will contribute to declining inflation in the future. But the good news doesn’t stop there: [Wages are also rising faster than inflation](. When this inflation news is combined with June’s strong jobs report, there’s a clear picture of an economy that’s growing by strengthening the middle class, balancing stable economic growth and a strong labor market with moderating inflation. This is Bidenomics at work. In the past few months, President Joe Biden has twice saved the economy from the brink of economic ruin. He protected Americans from a [default]( that was threatened by House Speaker Kevin McCarthy (R-CA) and his allies. And in March, he saved the U.S. and global economy from a [banking crisis]( by making depositors whole at Silicon Valley Bank and Signature Bank. The Biden administration is bringing jobs back to America, paying higher wages, and supporting American manufacturing—instead of giving large corporations tax breaks to ship jobs overseas. In just 29 months, President Biden has presided over more job gains than any other president has in a whole four-year term—with a staggering [13.2 million new jobs]( added. These investments in high-paying American jobs will grow a stronger middle class. The Biden administration is also investing in the American people by [breaking ground on new projects]( that are rebuilding the country with universal high-speed internet and better roads, bridges, airports, and highways. Now, the United States has one of its strongest labor markets in its history, while having the lowest inflation among all G7 countries. Bidenomics is working for the American people, growing the middle class, and leading the world in economic recovery. [Stay Up-to-Date on Economic Policy]( Progress in Action: Expanding Rail Infrastructure in North Carolina [An Amtrak passenger train passes by two freight trains parked in Florence, North Carolina]( A new rail car factory being built in North Carolina will expand America's rail infrastructure and bring hundreds of new jobs to the region. The Siemens Rail Car Factory is [investing $220 million]( to build a carbon-neutral manufacturing plant in Lexington, North Carolina. The new factory will create at least [500 high-paying jobs]( generate billions of dollars for the North Carolina economy, and meet increasing demands for rail cars and eco-friendly transportation across the East Coast and in the Midwest. This expansion also comes at the same time as Amtrak, one of Siemens' clients, seeks to [expand dramatically across the United States]( with plans to connect more than 160 new cities and 20 million new passengers annually by 2035. [Learn More]( This investment in rail infrastructure was made possible by new funding from the Biden administration's economic policies. Learn about the other 35,000+ projects being implemented across the country to improve and expand infrastructure—including in your own state or city—by exploring the [Biden Administration Investment Tracker](. [What’s Happening in Your Hometown]( Michigan’s Investing in You The Biden administration’s investments in communities are creating career victories for working Americans that will change lives. This is evident in Michigan, where federal funding has created new jobs and programs such as the [Women in Skilled Trades]( initiative. The program provides participants with experience in fields that have historically excluded marginalized communities and lines them up for jobs with better pay. Qiana Moore is experiencing this firsthand. After an established career as a pharmacy tech with a small salary, Qiana changed her career to accept an apprenticeship with the International Brotherhood of Electrical Workers. With this new experience, a new career path has opened for her that provides significantly higher pay. [Learn More]( Follow CAP on Threads! [Threads post from americanprogress reading: (fingers crossed emoji) please no threats to democratic legitimacy on this platform (fingers crossed emoji)]( [Repost This]( Health Equity in Early Childhood Policy Children do not live in silos; they are products of the environments into which they are born and raised, and the first five years of life are a period of rapid development that set the stage for lifelong health and learning. These early years provide a key opportunity for promoting services to improve long-term societal health, education, and economic prosperity. Access to health care, early learning opportunities, family economic security, secure housing, and nutrition supports, as well as addressing social well-being, are all crucial levers for strengthening families and communities. Following the release of the Early Childhood Policy [series]( “The Social Determinants of Health Across Early Childhood Development,” please join the Center for American Progress and a panel of experts on the social determinants of health and the importance of prioritizing holistic child and family policy. Jul 19, 2023 1:00 p.m. — 2:00 p.m. ET [RSVP Now]( Follow us on [Follow us on Twitter]( [Follow us on Facebook]( [Follow us on YouTube]( [Follow us on Instagram]( [Support CAP]( [Manage Email Preferences or Unsubscribe]( [Privacy Policy]( [Center for American Progress]( Center for American Progress 1333 H Street NW Washington, D.C. 20005 [supporter]