Statement from President Joe Biden on January PCE Report

Today’s report shows we have made progress on inflation, but we have more work to do. Annual inflation in January is down from the summer, while the unemployment rate has remained at or near a 50-year low and take-home pay has gone up. We’ve also continued to make progress since the data in this report, with gas prices down again – now more than $1.60 since last summer’s peak after Putin’s unconscionable invasion. As I’ve long said, there may be setbacks along the way, but we face global economic challenges from a position of strength. And I will not allow my Republican friends in Congress to undermine that strength. Some of them have supported raising costs through a repeal of the Inflation Reduction Act, cutting taxes for the wealthy and large corporations, cutting critical programs that American seniors and families count on, or taking the full faith and credit of the United States hostage.

I have a different vision. When I travel the country, I see optimism for this year and the years ahead. The optimism of families with just a little bit more breathing room thanks to our work to get workers back into jobs. The optimism of a record numbers of Americans applying to start a small business. The optimism of a young construction worker at the groundbreaking of a billion-dollar factory for clean energy or microchips. The optimism of a grandmother on Medicare who has had her insulin costs capped at $35 per month, knowing she won’t have to spend all of her retirement savings on medicine. But the fight is not over. We must finish the job in transitioning to stable and steady growth that benefits all Americans, while laying the foundation for strong and shared growth for years to come.

###