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Problem for the democrats and especially biden has been tax prices. listen to what joe biden said about gas prices yesterday. >> since elections, we've taken gas prices down. >> today the most common price for gas in america is $3.39 down from over $5 when i took office. >> he said it was down from $5 when he took office. 2.39 biden's first day in office. today at $3.76 a gallon on average in america. i know it's a little pricier. where you are, the only problem the democrats have is everyone knows it's a lie. >> in the last week of gotten gas in northern california wine country 6.59 for regul...

Black friday-- holiday shoppers are already hunting for the best deals. >> this is marked down from $3.99 to $2.99. >> reporter: half of this year's gift-givers say they plan to start shopping by the end of october. that's why target rolled out its "deal days" event this week, slashing prizes up to 50%, timed just days ahead of amazon's highly-anticipated prime early access sale. it almost seems like an arms race? >> retailers definitely have an arms race to reach shoppers while the shopper still has her or his money to spend on holiday items. >> reporter: surveys show 40% of holiday shoppers ...

Elementary school art teacher deborah sisane is shopping for art supplies. >> $3.99, $2799, how many of these do you have to purchase for your class? >> i usually buy about 48 of these. >> that's a couple hundred dollars just on glue. >> yeah, and it's important. >> reporter: which is why organizations like kids in need foundation in minnesota provide free school supplies for more than 300,000 teachers and 7.8 million students each year. >> with the high cost of inflation and prices, et cetera, teachers are concerned. we're seeing all across the u.s. a demand for core essential school supplies...

They're going to feel optimistic about what to expect in their pocketbook later on. >> just to be specific, the average gas price is just under $4, 3.99. prices are falling. they are still much higher than last year. is that a good sign regarding inflation in general? is it going to continue on this downward trend? what's the forecast? >> well, there's a catch to this. it's good that prices are falling down. we see it in gasoline prices and as you had mentioned, it's still $1.50 above where it was before the pandemic. so, it's still incredibly high, but it's good it's going in the right direct...

Every time we shop for essentials prices are still painfully high. i want to bring in gene spurling, senior adviser to president biden and coordinator for the white house american rescue plan. gene, good to see you this evening especially amid some of this very positive news, right? >> thanks. >> all in, this is pretty positive news. can you break down what this means for the economic recovery? is this a sign inflation will cool down and soon? >> well, there's no question july was a very good month in terms of we had 528,000 jobs and we actually had zero inflation just for that month and we sa...