Talking Points: Inflation and the Economic Recovery

(Updated on April 25 — new items in blue)

• Acknowledge the pinch of inflation on the voter’s pocketbook, then pivot to the real story.

• Inflation obviously impacts us all. It was brought about by influences that are beyond any nation’s control which is why it happened all over the globe. From a sudden unprecedented spike in demand after the economy reopened following the pandemic to supply chain issues to increased costs resulting from Russia’s invasion of Ukraine. 

• And yet while inflation was global, Joe Biden’s response to it has made our recovery the envy of all the G7 nations. The US has the lowest inflation rate, the highest wage growth and the greatest jobs creation among all our allies. Inflation is down from 9 percent to three and wage growth is rising at 5-6 percent.

• Joe Biden worked to secure billions of dollars for American workers by raising the salary threshold for mandatory time-and-a-half overtime pay from $35,000 to $58,000. That’s a lot more workers getting a lot more money.

• Under Joe Biden the FTC has banned non-compete agreements, allowing workers much more negotiating power.

• Joe Biden’s Infrastructure Bill, Inflation Reduction Act and Chips Act has helped us not only eliminate the threat of the recession economists were predicting but created nearly a million manufacturing jobs already. Over three years. Joe Biden has created 15 million jobs and has brought unemployment to a 50-year low all while bringing down prices. 

• Corporate profits are at an all-time high, especially in the food industry. Companies’ profit margins are well outpacing inflation as they take advantage of consumers’ notions of inflation to raise prices even higher. We know they are doing this from their own internal emails.

• Joe Biden is the first president to force drug companies to negotiate prices with Medicare, bringing insulin to $35 a month and capping out of pocket prescription drug costs for seniors.

• For younger people : More than 150,000 students have had more than $1 billion of loans forgiven via Biden’s loan forgiveness program. And more is on the way.