Inflation Plummets

President Joe Biden's top economic adviser, Lael Brainard, delivered a speech to the Economic Club of New York, highlighting the positive impact of Biden's policies on the US economy.

Brainard acknowledged that the US economy is on track to achieve moderate inflation alongside a resilient jobs market. She credited these developments to President Biden's policies, providing recent evidence that supports this claim.

Brainard responded to economists who predicted that fighting inflation would result in substantial job losses. She highlighted that the economy has defied these predictions, suggesting that inflation can fall without causing significant damage to employment.

Brainard's speech coincided with the release of new data revealing a two-year low in US inflation. This news offers fresh material for President Biden to counter criticisms from Republicans who argue that his spending legislation has fueled price increases.

Although the US continues to grapple with higher prices, President Biden's poor ratings on the economy pose a significant political vulnerability that could hinder his re-election bid. The White House has been actively promoting Biden's platform, known as Bidenomics, to convince Americans that his policies are effective.

Brainard emphasized that the economic gains achieved are not accidental but the result of a deliberate strategy. She attributed the driving force behind inflation to excessive profits and urged companies to reduce their markups to lower prices, especially after a period of elevated levels over the past two years.

Brainard addresses regional banking crisis, assures contained threat to US economy. Stresses need for vigilance, urges executives to monitor risks, strengthen balance sheets, and manage liquidity.

Brainard says clean energy, semiconductor manufacturing, and infrastructure investments in Biden's legislation boost the economy and reduce vulnerability to global shocks like trade wars and invasions by China and Russia.

Brainard concluded by emphasizing the importance of making public investments in the nation's economic future. She emphasized the need to safeguard strong pathways to the middle class in communities across the country and ensure resilient supply chains.