"Biden's State of the Union: Experts React to Inflation Progress and Economy Strength"

President Joe Biden praised progress on inflation and wage growth in his State of the Union address, but economists caution that many Americans are still struggling with the increased cost of living, particularly lower-income families. While the consumer price index has fallen from its pandemic-era peak, households are living paycheck to paycheck and relying on credit cards to make ends meet. Economists also warn of the "last mile problem" in the fight against inflation, as addressing the remaining disinflationary hurdles without curtailing economic growth poses a challenge.