[Congressional Record Volume 169, Number 120 (Thursday, July 13, 2023)]
[Senate]
[Page S2446]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                            Economic Growth

  Mr. President, now, on inflation, yesterday, we learned that 
inflation slowed down for the 12th month in a row, down to 3 percent--3 
percent--the lowest that it has been in 2 years.
  This morning, as American families stop for gas on their way to work, 
or check their pocketbooks, or go to the supermarket, they can continue 
to see throughout the country that we are turning the corner. They are 
seeing more money in their pockets; they are seeing inflation cool 
down; and they are seeing wages continue--continue--to go up.
  Listen to this. This is important. Wage growth is now significantly 
above inflation for the first time since March of 2021. This is the 
work of a Democratic agenda in action, of President Biden's good work: 
lower costs for families, higher wages for workers, and millions and 
millions of new jobs created.
  Republicans had claimed that if we passed the Inflation Reduction 
Act, inflation would only get worse. The Republican chairman of the 
Ways and Means Committee claimed the Inflation Reduction Act ``will 
prolong and make worse the current inflation crisis.'' It is becoming 
clearer and clearer that they were dead wrong. In fact, since we passed 
the IRA, inflation has been cut by more than half on an annual basis.
  Let me say this again: Since we passed the Inflation Reduction Act, 
inflation has been cut by more than half on an annualized basis.
  And if that is not enough proof that the Democrats and President 
Biden's agenda is working, the other major pieces of legislation we 
passed in Congress--like the infrastructure law and the CHIPS Act--are 
creating millions of good-paying jobs throughout the country and in my 
home State of New York.
  Since President Biden took office, private companies have announced 
over $500 billion--$500 billion--in investments across industries like 
semiconductors, clean energy, EVs and battery manufacturing, and heavy 
industry. What does this mean? Jobs, jobs, jobs, and more jobs--so many 
jobs, in fact, that some of my Republican colleagues who voted against 
all these bills are claiming credit for the projects and the growth 
that they are generating in their own States and districts.
  So we have a lot of work ahead of us, but yesterday's report makes 
clear the Democratic agenda is working.