Joe Biden is building an economy that works for everyone. But he knows there’s more to do.

Despite what many forecasters were predicting a year ago, inflation is down while growth and the job market and the economy have remained strong. The economy has created more than 15 million jobs since Biden took office, and wealth, wages, and employment are higher now than under Donald Trump. But President Biden believes there is much more work to do to lower costs for American families and American workers. That’s why he is taking action to:

• Lower the Cost of Prescription Drugs and Health Coverage: After decades of government inaction, President Biden took on Big Pharma and won the authority to lower prescription drug costs by giving Medicare the power to negotiate drug prices. President Biden’s Inflation Reduction Act will save millions of seniors thousands of dollars a year on some of the costliest prescription drugs on the market. Beyond that, millions of seniors with diabetes are already benefiting from the $35 cap for a month’s supply of insulin under the President’s Inflation Reduction Act. And millions of Americans are saving $800 per year on health insurance premiums.
• Eliminate Hidden Junk Fees: Hidden, surprise fees that companies sneak into customer bills increase costs while stifling competition. As part of his agenda to increase competition and bring down prices, President Biden issued an Executive Order on Promoting Competition and called on federal agencies, Congress, and private companies to crack down on junk fees and provide consumers with the full price up front.  The Administration’s actions are saving Americans more than $20 billion a year on junk fees.
• Cancel Student Debt: From Day One of his administration, President Biden vowed to fix the student loan system and make sure higher education is a pathway to the middle class – not a barrier to opportunity.The Biden-Harris administration has now approved nearly $144 billion in student debt cancellation for nearly 4 million borrowers through more than two dozen executive actions. 

It’s a stark contrast to Donald Trump, whose economic policies consistently prioritize the interests of the wealthy and big corporations at the expense of working families, and would make life more expensive across the country. While President Biden is fighting to lower costs for middle class families, Trump is spending his campaign down at Mar-a-Lago fighting for his billionaire donors, who like him, are only in it for themselves.

That’s what Trump did as president, and now he’s doubling down with his 3-point plan for another Billionaire Tax Break:

A tax handout of more than $3.5 million per billionaire every year– by terminating the ACA.

A $1.5 trillion windfall for big corporations, letting them use special loopholes to pay little to nothing in taxes while raising prices for Americans.

Making it easier for wealthy tax cheats to avoid paying what they owe – by repealing the Inflation Reduction Act.

The billionaires funding Trump’s campaign know that if they get him elected, he’ll cut their taxes while he cuts our Social Security. In fact, Trump recently said there is “a lot you can do…in terms of cutting” Social Security and Medicare.

President Biden’s economic agenda is about investing in America to grow the economy from the middle out and bottom up – not the top down. And the President is delivering for communities across the country – including those that have been too often left out or overlooked – and is lowering costs for families, creating good-paying jobs, and advancing opportunity for all Americans. 

After Donald Trump left office with the worst jobs record since the Great Depression, President Biden has been building an economy that benefits all Americans and supports a strong middle class. Just look at some of the latest data points:

• The economy grew 3.1% over the course of last year—beating forecasts of a recession.
• More than 15 million jobs have been created under President Biden, including nearly 800,000 manufacturing jobs
• Unemployment under 4% for more than two full years – the longest stretch in half a century.
• The strongest wage growth of any recovery in 50 years.
• Wages, wealth, and jobs are higher than before the pandemic.
• Inflation is down nearly two-thirds from its peak.

While we’ve made enormous progress, President Biden understands that middle-class life is too expensive right now. That is why he has passed laws to lower prescription drug costs, health care premiums, and energy costs. He will keep working every day to lower the cost of living, because he knows there is more to do.

President Biden believes that small businesses power our economy. Since day one, he has provided small businesses with the resources and support they need to thrive. As a result, under his leadership, the economy has spurred record small business growth including a historic 16 million applications to start businesses.

And President Biden is fighting for an economic agenda that prioritizes Main Street – not Wall Street. That is why he has been working to make the ultra-wealthy and big corporations finally pay their fair share by instituting a minimum tax on big corporations, cracking down on wealthy tax cheats, and closing tax loopholes.

It’s a stark contrast with Donald Trump’s record as president, when he rigged the economy for big corporations at the expense of Main Street businesses. His tax scam slashed the tax rate for giant corporations and left small businesses behind. His COVID response made it harder for small businesses to receive much-needed help and left minority-owned businesses in the dust. And now Donald Trump is doubling down on his extreme MAGAnomics agenda that would hurt our small businesses. He is running on a promise to extend and even expand his tax scam, lining the pockets of big corporations while Mom and Pop shops suffer.