TRENTON, NJ – New Jersey residents feeling the struggle of purchasing common necessities such as groceries, gasoline, energy, clothing, and home goods can rejoice. The economy is going great and inflation is down.
At least that’s what Vice President Kamala Harris believes.
Last night, Kamala Harris defended the Biden-Harris administration’s handling of the economy, stating that they have done a good job by bringing inflation down to under 3%. She expressed pride in the administration’s efforts to stabilize the economy after the disruptions caused by the COVID-19 pandemic.
You have been vice president for three and a half years. The steps that you’re talking about now, why haven’t you done them already?” Kamala was asked by CNN host Dana Bash.
However, while inflation rates have indeed decreased from their 2022 peak, the broader context paints a more complicated picture. The inflation rate today is still higher than it was under former President Donald J. Trump.
Well, first of all, we had to recover as an economy, and we have done that. I’m very proud of the work that we have done that has brought inflation down to less than 3%,,” she responded,.
During the Trump administration, inflation was relatively modest, averaging around 1.8% to 2.3% annually. But since Biden took office, inflation soared to levels not seen in decades, driven by various factors like supply chain issues, rising labor costs, and increased prices for raw materials.
Even though the rate of inflation has slowed, the elevated price levels established over the past few years are still very much in effect. Food prices, for instance, are significantly higher today than they were in 2019, having risen by about 27% overall. This means that what $20 could buy in groceries in 2019 now requires around $25.45.
So while Harris can claim success in reducing the rate of inflation, the reality is that the higher prices many Americans are dealing with remain a significant burden. The slower inflation doesn’t equate to lower prices—it simply means that prices aren’t rising as quickly as they were before.