Incomes grew while inflation slowed in ... our job market remains strong," Biden said in a statement. "Christmas arrives with gas prices down and grocery store prices showing the lowest increase ...

Americans are feeling the pain at the pump and at the grocery store. Inflation is at a 40-year record high. Yet, President Joe Biden and his administration say that the economy is better than ever.

Biden on Thursday pitched his stalled economic agenda as one way to address the troubling trend and cut prices. He also spoke to the pain American families are feeling right now. "Inflation is up.