(Image by Steffen L. from Pixabay)
Inflation in American in July was "A number: zero," according to Joe Biden, who held a news conference to boast about the incredible economic accomplishment he likely believes he's accomplished.
Only the real inflation for July was 8.5%, down fractionally from June's stunningly damaging 9.1%, a rate that means consumers would have to pay thousands of dollars in 2022 just to maintain their 2021 lifestyles, and still far above what would be acceptable for U.S. consumers.
Biden: “Our economy had 0% inflation in the month of July”
pic.twitter.com/xD0sqGEZ0x— Greg Price (@greg_price11) August 10, 2022
A commentary at Twitchy left no doubt, sarcastically, about a solid disbelief in Biden's statements.
"What a relief! According to Joe Biden's calculations, 'our economy had 0% inflation in the month of July.'"
It continued, "They only track we're on is the track to economic ruin. But other than that, lots to brag about!"
Spokeswoman Karine Jean-Pierre at the White House claimed the "0% inflation" was because "while the price of some things went up, the price of others, like gas, clothing, and more, dropped."
Columnist David Harsanyi pointed out the inflation rate was zero "in the same way [Build] Back Better cost zero dollars" It was a reference to Biden failed multi-trillion dollar spending package that he repeatedly insisted wouldn't cost anything.
The Daily Mail bluntly charged, "Really, Joe? President massages July's inflation figures and says U.S. experienced ZERO inflation when in fact it stood at 8.5%."
Larry Summers, the former Treasury Secretary under Bill Clinton, slapped Biden down, with, "We have a very serious inflation problem."
The Biden claim apparently came, the report explained, because "On a monthly basis, prices were unchanged from June to July." However, the prices in June were up 9.1% from the year before and even to have those level off means that the prices are still significantly higher – and hurting consumers – in a major way.
Summers warned the inflation crisis is not going away on its own.
The Biden claim comes only days after he and the others in the White House insisted the nation is not in a recession. They simply redefined the word, which typically has been based on two straight quarters of economic contraction, as has happened in the U.S. in the first and second quarters of 2022.
The Daily Mail noted that inflation hasn't been at the level Biden has reached since the early 1980s.
And over the last year, gasoline is up 44%, used cars up 6.6%, air fares up 27.7%, meat and poultry up 15%, fruits and vegetables up 9.3% and cereal up 13.1%.
White House officials also pointed to last week's report of 528,000 jobs being created, but didn't include the fact that two-thirds of those were part-time employment situations.
Biden confidently boasted his "economic plan is working."
Which drew a response from Sen. Ted Cruz, R-Texas, "Ridiculous BS from the White House. There's 8.5% inflation and basically everything anyone every buys went up in price. This is just cruel gaslighting from the Biden admin."
Before Biden took office, the inflation rate had been in the 2%-3% range.
But Biden's profligate spending has exploded inflation already, and Democrats just days ago passed another spending plan of three-quarters of a trillion dollars that is expected to push inflation even higher.
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