{"id":1048043,"date":"2024-09-12T07:00:00","date_gmt":"2024-09-12T11:00:00","guid":{"rendered":"https:\/\/democrats.org\/?p=1048043"},"modified":"2024-09-12T11:11:53","modified_gmt":"2024-09-12T15:11:53","slug":"new-cpi-report-shows-biden-harris-admin-is-turning-the-page-on-inflation-while-recent-report-from-trumps-alma-mater-calls-out-maganomics-agenda","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/new-cpi-report-shows-biden-harris-admin-is-turning-the-page-on-inflation-while-recent-report-from-trumps-alma-mater-calls-out-maganomics-agenda\/","title":{"rendered":"NEW: CPI Report Shows Biden-Harris Admin is Turning the Page on Inflation While Recent Report From Trump\u2019s Alma Mater Calls Out MAGAnomics Agenda"},"content":{"rendered":"\n

During last night\u2019s debate, Harris called out Trump for a new analysis from the Wharton School \u2013 his alma mater \u2013 estimating that the Trump campaign tax and spending proposals would increase primary deficits by $5.8 trillion over 10 years<\/em><\/p>\n\n\n\n

Today\u2019s strong CPI report<\/a> continues to show annual inflation at an over three-year low as the Biden-Harris administration continues to work tirelessly to lower costs, bolster the economy, and turn the page on inflation. Under their leadership, annual inflation is down to 2.5%<\/a> \u2014  the lowest in more than three years \u2013 wages have risen faster than prices 18 months in a row, Americans are seeing gas prices are down almost 60 cents<\/a> from last year, and nearly 16 million jobs have been created<\/a>, with 44 months of consecutive job growth<\/a>.<\/p>\n\n\n\n

From taking on corporate greed, Big Pharma<\/a>, <\/a>and price gouging<\/a> to slashing junk fees<\/a> \u2013 the Biden-Harris administration has taken unprecedented action to make life more affordable for hardworking Americans. In stark contrast with Vice President Harris\u2019 robust plans<\/a> to hold price gougers accountable and lower costs for both families and small businesses, Donald Trump and MAGA Republicans continue to push their Project 2025 agenda that would raise costs by nearly $4,000 a year for typical middle-class families<\/a> and cost America 3.2 million jobs<\/a>, after Trump left office with the worst jobs record since Herbert Hoover<\/a>. <\/p>\n\n\n\n

Moody\u2019s Analytics<\/a> projected that Trump\u2019s economic plan would cause inflation to rise, costs to soar, and trigger a recession \u2014 and even Trump\u2019s own alma mater, the Wharton School at the University of Pennsylvania, issued a report<\/a> estimating that the Trump campaign tax and spending proposals would increase primary deficits by $5.8 trillion over the next 10 years.<\/p>\n\n\n\n

The Biden-Harris administration\u2019s tireless work to to lower inflation and drive down costs for hardworking is paying off for Americans.<\/strong><\/p>\n\n\n\n

Heather Long, Washington Post<\/a>: \u201cJUST IN: More good news on inflation. <\/strong>The US inflation rate cooled to 2.5% (y\/y) in August, the lowest since February 2021. This gives the Fed and everyone else more confidence the inflation battle has been won.<\/p>\n\n\n\n

\u201cLower gas prices, lower electricity costs and lower used car prices helped bring down inflation in August. The monthly price growth was just 0.2% (as expected)<\/p>\n\n\n\n

\u2018Core\u2019 inflation remained at 3.2% \u2014> lowest since April 2021\u201d<\/p>\n\n\n

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<\/p>\n\n\n\n

Axios<\/a>: \u201cNew CPI report shows another month of cooling inflation\u201d<\/p>\n\n\n\n

NEW: During last night\u2019s debate, Trump took the bait after Harris brought up that the Penn-Wharton Budget Model projects Trump\u2019s disastrous MAGAnomics agenda would increase the national deficit by an additional<\/strong> $5.8 trillion<\/em><\/strong> over the next 10 years while he gives tax cuts to his ultra-wealthy friends, leaving behind hardworking families.<\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cThe Penn-Wharton Budget Model<\/a>, which doesn\u2019t take into account new proposals Trump made last week as well as ending taxes on tips, estimates that his proposals could cause the deficit to increase by an additional $5.8 trillion over the next 10 years\u2026<\/strong><\/p>\n\n\n\n

\u201cMeanwhile, the tax proposals Harris has put forth so far mostly involve imposing higher taxes, which would have a positive impact on the deficit.<\/strong> For instance, she\u2019s endorsed raising the top individual income tax rate to 44.6% and the top long-term capital gains tax rate to 28% versus the current 20%. And on the corporate side, she\u2019s in favor of raising the tax rate to 28%.\u201d<\/p>\n\n\n\n

CBS News<\/a>: \u201cTrump’s plan would result in tax cuts for all, but the results for Americans vastly differ from Harris’ proposal, according to an analysis by the Penn Wharton Budget Model. Under Trump, everyone would receive a tax cut, but the lowest earners \u2014 those making under $19,600 \u2014 would just see a $320 difference in take-home pay, while<\/strong> under Harris, that same income group would have another $2,355 after taxes. The very highest earners under Trump would receive a tax break of  $376,910, according to the Penn Wharton analysis.\u201d<\/strong><\/p>\n\n\n\n

Reuters<\/a>: \u201cThese changes would likely add $3.6 trillion to $6.6 trillion to primary U.S. deficits over 10 years<\/strong>, according to published individual and comprehensive estimates from four budget forecasters reviewed by Reuters: the Penn-Wharton Budget Model, the Committee for a Responsible Federal Budget (CRFB), the Tax Foundation and Oxford Economics.\u201d<\/p>\n\n\n

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\"\"<\/figure><\/div>\n\n\n

<\/p>\n\n\n\n

REMINDER: Trump\u2019s economic agenda would jack up prices for hardworking families \u2013 costing typical middle-class families nearly $4,000 a year \u2013 trigger a recession by mid-2025, and send inflation skyrocketing.<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTrump has pledged to end the \u201cinflation nightmare.\u201d But his policies, which include adding tariffs to all imported goods, would likely fuel inflation and reverse some of the progress of the last two years, some economists say.\u201d<\/strong><\/p>\n\n\n\n

Center for American Progress<\/a>: \u201cA typical family would, therefore, pay between $2,500 to $3,900 from Trump\u2019s import taxes, depending on the precise tax rate between 10 percent and 20 percent that various countries\u2019 goods could be taxed at.\u201d<\/p>\n\n\n\n

Axios<\/a>: \u201cTrump\u2019s inflation bomb: How his second-term plans could make it worse\u201d<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201cTrump plans would add $5.8 trillion to national debt\u201d<\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cEconomists Say Inflation Would Be Worse Under Trump Than Biden\u201d<\/strong><\/p>\n\n\n\n

USA Today<\/a>: \u201cAccording to a <\/strong>Moody\u2019s study<\/strong><\/a>, Trump\u2019s plan would trigger a recession by mid-2025 and an economy that grows an average 1.3% annually during his four-year term vs. 2.1% under Biden.<\/strong> (The latter is in line with average growth in the decade before the pandemic.)\u201d<\/p>\n\n\n\n

Vanity Fair<\/a>: \u201cDonald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

During last night\u2019s debate, Harris called out Trump for a new analysis from the Wharton School \u2013 his alma mater \u2013 estimating that the Trump campaign tax and spending proposals would increase primary deficits by $5.8 trillion over 10 years Today\u2019s strong CPI report continues to show annual inflation at an over three-year low as […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1048043","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nNEW: CPI Report Shows Biden-Harris Admin is Turning the Page on Inflation While Recent Report From Trump\u2019s Alma Mater Calls Out MAGAnomics Agenda - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/new-cpi-report-shows-biden-harris-admin-is-turning-the-page-on-inflation-while-recent-report-from-trumps-alma-mater-calls-out-maganomics-agenda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-12T11:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-12T15:11:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfFCciuuM1LnwGchDX3TEgNqbH3VUINYN_1GLnqTv5nffGFQBFQhO0aTMGdI1ASWB8pvmjFsVSOrUk1zFKhKjMZC1UIXzG0ajY0P-ExhQyy6OOkaO3nEJuZE_g9d3UU5SyXyz22e9AoUhQQILn1Ixf2GnlF?key=UFbm82FjKDaZ-T-3meXWIg\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/new-cpi-report-shows-biden-harris-admin-is-turning-the-page-on-inflation-while-recent-report-from-trumps-alma-mater-calls-out-maganomics-agenda\/\",\"url\":\"https:\/\/democrats.org\/news\/new-cpi-report-shows-biden-harris-admin-is-turning-the-page-on-inflation-while-recent-report-from-trumps-alma-mater-calls-out-maganomics-agenda\/\",\"name\":\"NEW: CPI Report Shows Biden-Harris Admin is Turning the Page on Inflation While Recent Report From Trump\u2019s Alma Mater Calls Out MAGAnomics Agenda - 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