Democratic Party of Georgia Statement on Inflation Falling

After the U.S. Department of Labor announced that annual inflation has fallen to 3.1 percent, DPG Executive Director Tolulope Kevin Olasanoye released the following statement:

“The latest CPI numbers don’t lie: Bidenomics is working for Georgia. Month after month, thanks to President Biden and Democrats, Georgians are seeing progress on lower costs, higher wages, and economic opportunity for all. Under the Biden-Harris administration’s leadership, inflation is falling, wages are rising, and thousands of new jobs are pouring back into our state all at the same time.”

Here’s a look at how Bidenomics is delivering in Georgia and across the country:

• Core inflation has fallen to its lowest level in two years, and overall inflation is down by two thirds from its peak.
• The US economy added 199,000 jobs in November — bringing the total number of jobs created since President Biden took office to a record 14.1 million.
• A huge manufacturing boom has spurred more than $628 billion in private sector investments and created 815,000 manufacturing jobs, and another 830,000 in construction and engineering — more than at any point under the last administration.
• The unemployment rate has been under 4 percent for the longest stretch in 50 years. 
• The share of prime working-age Americans in the workforce is at its highest level in over 20 years.
• All jobs lost during the pandemic have been regained, including an additional 4 million created. 
• Wages are increasing at a 4.0 percent annual rate. 
• Annual inflation is down by more than half since last summer.

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