The White House on Monday will launch an effort to convince voters that his economic plan dubbed “Bidenomics” is working to boost the lives of middle-class voters.
The average mortgage interest rate is hovering around 6.9% — the highest in a decade and a challenge for many homebuyers. Recent data shows inflation is easing, though the annual rate is still higher than when Mr.Inflation dropped to 4% in May compared with a year earlier, down sharply from a 9.1% peak last June. The inflation rate was 1.4% in January 2021 when Mr.
took office. Core inflation rose 0.4% in May after steady monthly increases averaging 0.4% in 2023. Core inflation remains up 5.3% from a year ago.argues that the U.S. economic recovery is proceeding faster than the economic growth of other countries whose economies have actually shrunk, including the United Kingdom and Germany.
“Better pay and other Biden Administration policies have helped put middle-class Americans into stronger financial position than they were in pre-pandemic — despite the global challenge of inflation,” the memo said. “Americans have higher net worths and higher real disposable incomes today than they did before the pandemic.”
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