Majority Leader Schumer Floor Remarks On Inflation Slowing To A Three Year Low And Progress Made Under Democratic Leadership

Washington, D.C. –  Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on inflation slowing to a new three year low following passage of the Inflation Reduction Act and the CHIPS and Science Act. Below are Senator Schumer’s remarks, which can also be viewed here:

Yesterday, Americans got another piece of excellent news in the fight against inflation. According to the Department of Labor, the consumer price index was measured at 2.5% in August compared to a year ago.

Two years after we passed the Inflation Reduction Act and CHIPS and Science, inflation has now slowed to a three year low. It went from 8.3%, when the CHIPS and Science Act and the Inflation Reduction Act were passed, to 2.5% today.

Let me repeat: two years after the Inflation Reduction Act and the CHIPS and Science Act, inflation has now slowed to a three-year low.

Republicans claimed investing in America would make inflation skyrocket and drive our economy into a recession.

Instead, the U.S. has had the strongest post-COVID recovery in the world. Manufacturing construction is at an all-time high – nearly triple its peak during the last administration – and inflation continues to trend lower.

And inflation has slowed despite Senate Republicans trying to block and derail so many of the bills we’ve pushed here in this chamber to lower costs and make life easier for American families.

Remember: when Republicans had a chance to vote to lower prescription drug costs for seniors, they voted no.

When Republicans had a chance to cap insulin at $30 a month for Americans on Medicare, they voted no.

When Republicans had the chance to dramatically expand the Child Tax Credit and cut child poverty in this country in half, they voted no. 

And when Republicans had the chance to invest in rebuilding America, and bringing advanced manufacturing jobs back to our shores, and open new factories for EVs and solar and chips, many of them still voted no, though then back home they tried to take the credit for these jobs.

For three years, Republicans have proudly been the party of no: no solutions, no plans, no attempts to fix our country’s problems.

But the report shows Democrats’ agenda is working. This is dramatic. And despite Republicans’ best efforts to derail our country’s recovery, we've moved forward in a very positive way.

We have a lot of work still to do – people still need a lot of help to make ends meet and save for retirement and provide for their families – but we’re on our way. We are on our way, as this chart shows.

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