In December of 2021, President Biden claimed that the United States was at “the peak” of inflation. Inflation year-over-year, at that point, was 6.8%. So what is Biden right with his claims?
On Tuesday, the Consumer Price Index rose 8.3% between August 2021 and August 2022, according to a report from the Bureau of Labor Statistics. That is now the sixth straight month with year-over-year inflation above 8.2% and the ninth consecutive month with annual inflation higher than 6.8%.
So to answer my question, no, it doesn’t look like Biden’s claims were correct. Data is showing that inflation is higher.
Despite that reality, Biden declared economic success yet again on Tuesday. The president made such claims despite data, and commonsense, indicating otherwise.
We all know over the last year things have more and more expensive.
Gasoline is up 25.6%, fuel and oil are up 68.8%, electricity is up 15.8%, meat, poultry, and fish are up 8.8%, milk is up 17%, eggs are up 39.8%, baby food is up 12.6%, and airline tickets are up 33.4%.
President Biden sign the “Inflation Reduction Act” into law in August 2022. The Bill will put billions of dollars into our economy. He has already tried this once. So who is to blame for the economic failure? Biden has an opinion on that.
In late February, Biden first complained that Americans were too psychologically damaged from COVID to appreciate his economy. Since then, everybody from Big Meat to Republicans to Big Oil to Russian President Vladimir Putin has earned the ire of the complainer-in-chief.
Will this new bill help the economy? I don’t know, but the last one didn’t. Would it help if the President cut out spending? Maybe Americans could help stimulate the economy if there were tax cuts.
Source Daily Wire
