| Today’s strong PCE report shows inflation is continuing to fall thanks to the Biden-Harris administration’s efforts to build the economy from the bottom up and middle out – all while Donald Trump and JD Vance’s disastrous Project 2025 agenda would create an “inflation bomb,” balloon the deficit, and rig the economy for billionaires and big corporations on the backs of working families. Under the Biden-Harris administration, inflation is dropping while incomes are up nearly $4,000 with over 16 million jobs created. Vice President Harris and Governor Walz will continue building on this progress while charting a new forward to make sure every working family has the opportunity to succeed and get ahead.
NEW: The latest PCE report shows inflation continues to fall thanks to the Biden-Harris administration.
CNN: “The Fed’s favorite inflation index just cooled again”
“Friday’s report also contained even more good news for Americans and economic activity: Incomes continue to grow, and consumers continue to spend and keep the economy churning.”
Associated Press: “Inflation gauge closely watched by the Fed falls to lowest level since early 2021”
“Economists say Trump’s policies would actually worsen inflation, mainly because of his plans to impose sweeping new tariffs and embark on mass deportations of migrants and other immigrants.”
New York Times: “The Fed’s Preferred Inflation Gauge Cooled Overall in September”
Fox Business: “Fed’s favored inflation gauge showed price growth continued to slow in September”
Vice President Harris and Governor Walz will chart “A New Way Forward for the Middle Class,” lowering costs for hardworking American families on everything from health care to household goods and building up the middle class to give everyone the opportunity to succeed.
Forbes: “Harris has typically referred to the inflation of food product prices when talking about her plan to end price gouging, with her campaign previously saying its ban aims to combat excessive prices in the grocery industry, while also keeping a close eye on mergers and acquisitions in the industry to maintain competition among companies.”
Politico: “In her speech, Harris reiterated her support for several other major economic efforts, including a federal ban on corporate price-gouging, expanding tax credits for new small businesses, extending the child tax credit and pledging to build 3 million new homes to address the housing shortage.”
Washington Post: “Harris proposed increasing the tax deduction for start-up businesses from $5,000 to $50,000, and she recapped specifics of her previous policy plans, including $25,000 in down payment assistance for first-time home buyers and a $6,000 tax benefit for parents with newborns.
“‘I intend to chart a new way forward and grow America’s middle class. Donald Trump intends to take America backward to the failed policies of the past,” she said, adding that Trump had cut taxes for wealthy Americans and big corporations. ‘You see, for Donald Trump, our economy works best if it works for those who own the big skyscrapers. Not those who actually build them. Not those who wire them. Not those who mop the floor.’”
CBS: “Her three-pillar plan would expand or restore tax cuts enacted during the Biden administration, such as the earned income tax credit or child tax credit. She also said she’d work to expand Medicaid, lower prescription drug costs and prioritize union contracts for government projects.
“Harris also spoke about spurring domestic manufacturing and innovation through a set of tax incentives. She said the U.S. must ‘recommit to global leadership in the sectors that will define the next century’ such as bio-manufacturing, artificial intelligence and Blockchain, the technology that enables cryptocurrency. As part of an existing push to improve infrastructure, Harris also said she would work to reform permitting.”
The contrast couldn’t be clearer – Trump and Vance’s Project 2025 agenda would line the pockets of the ultra-wealthy and send costs and inflation soaring at the expense of the middle class.
Center for American Progress: “Former President Trump Proposes an Up to $3,900 Tax Increase for a Typical Family”
Center for American Progress: “Project 2025’s tax plan includes an ‘intermediate tax reform’ that includes changes to tax brackets and corporate tax cuts that would shift the tax burden toward middle-income households. And the ‘fundamental tax reform’ it proposes would replace all individual income and corporate taxes with consumption taxes.”
Trump: “You’re all people that have a lot of money … You’re rich as hell. … We’re gonna give you tax cuts.”
Bloomberg: “[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.”
Axios: “Trump’s inflation bomb: How his second-term plans could make it worse”
Center for American Progress: “Not only does Project 2025 ensure drug companies are put back in control of access to medication; it calls for a complete repeal of the IRA, which would put an estimated 18.5 million Medicare Part D enrollees at risk of losing out on $7.4 billion in direct savings from the IRA’s drug-related provisions, including its out-of-pocket cost caps.”
Washington Post: “Companies ready price hikes to offset Trump’s global tariff plans”
Center for American Progress: “In [Project 2025], far-right extremist plans are outlined that raise taxes on low- and middle-income households to finance tax cuts for the wealthy and large corporations. Project 2025’s tax plan includes an ‘intermediate tax reform’ that includes changes to tax brackets and corporate tax cuts that would shift the tax burden toward middle-income households…
“The shift toward a flat consumption tax while eliminating income taxes would lead to an average $5,900 tax increase for the middle 20 percent of households and an average $2 million tax cut for the top 0.1 percent.” |
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