WASHINGTON (Nexstar) – President Joe Biden was in Wisconsin on Tuesday to discuss the economic impact of his policies one year after the Inflation Reduction Act was passed.

In Milwaukee, Biden pointed to falling inflation as a sign the American economy is strong.

“It’s just about 3% now and predicted to go lower than that. We’re near the lowest point in two years,” Biden said.

The president says his policies and legislative victories led businesses to make huge investments that are bringing back jobs and higher wages in industries like manufacturing.

“The pay for low-wage workers has grown at the fastest pace in two decades. Wages are growing faster than inflation. Folks, that’s Bidenomics,” Biden said.

Health and Human Services Secretary Xavier Becerra says the Inflation Reduction Act is also helping American’s bottom lines in many ways like capping the price of insulin for seniors on Medicare.

“That is going to have a major impact on your pocketbook. At the same time, we know there are millions of Americans who have health insurance for the first time ever,” Becerra said.

The administration says while the biggest impacts of the Inflation Reduction Act are still to come, Americans are already reaping the benefits, such as “knowing that you can afford to buy your meds rather than forgo paying your rent,” Becerra explained.