President Joe Biden acknowledged Wednesday that the U.S. financial system had zero % inflation in July following the newest CPI report. “Biden is claiming that we noticed zero % inflation final month. However there’s a zero % probability that’s the case. Inflation in July was 8.5%, which continues to be a 40-year excessive,” stated a lawmaker.
Biden’s Zero Inflation Remark and Responses
On Wednesday, President Joe Biden publicly acknowledged that the U.S. financial system had 0% inflation in July after the newest client worth index (CPI) report was launched.
“Earlier than I start as we speak, I wish to say a phrase concerning the information that got here out as we speak relative to the financial system,” Biden started. “Really, I simply wish to say a quantity: zero.” The president added:
At present, we obtained information that our financial system had zero % inflation within the month of July. Zero %.
The White Home press secretary, Karine Jean-Pierre, equally acknowledged on Twitter: “We simply obtained information that our financial system had 0% inflation in July. Whereas the worth of some issues went up, the worth of others, like gasoline, clothes, and extra, dropped.”
Feedback flooded social media platforms following Biden’s zero % inflation declare. Some gently defined to him that inflation shouldn’t be 0% whereas others flat-out insulted the U.S. president.
Rep. Mike Bost (R-IL) tweeted:
Biden is claiming that we noticed zero % inflation final month. However there’s a zero % probability that’s the case. Inflation in July was 8.5%, which is STILL a 40-year excessive.
American writer Jeffrey Tucker called Biden’s zero % inflation declare “a bogus math trick,” noting: “That is the general one-month index change. Total that signifies that the large drop in gasoline oil and gasoline (following earlier huge month-to-month will increase) swamped the massive will increase all over the place else.” He added: “Utilizing the identical tactic, you could possibly additionally observe a one-month 19.2% enhance in electrical energy! However, after all, we might not do this as a result of that’s dumb. The precise enhance is 15.2% which we get from calculating yr over yr.”
Rudy Havenstein opined: “For the president and others to publicly declare — with a straight face — that there was ‘zero inflation’ final month is gaslighting at an excessive degree, and insulting, and inconsiderate, and I don’t assume it’ll go over properly with non-ideologues.”
Tricia Flanagan wrote: “It’s truly 8.5% inflation in July NOT ‘ZERO,’ Joe. This misunderstanding of primary economics is unhappy, deceptive & harmful.”
U.S. Senator Lindsey Graham (R-SC) commented:
What world is President Biden dwelling in? Individuals proceed to endure beneath Biden inflation. Clearly, he hasn’t purchased any meals or stuffed up a gasoline tank … How out of contact are you able to be? Unhappy and harmful.
California Home Republican Chief Kevin McCarthy tweeted: “President Biden simply stated ‘our financial system had zero % inflation within the month of July.’” Noting that gasoline worth is up 44%, airfare 27%, and groceries 13%, he burdened: “When you proceed to pay for his failures, Biden owes the American folks the reality about inflation.”
Rep. Ralph Norman (R-SC) mocked the zero % inflation tweet by the White Home press secretary, stating:
We’re greater than 4X the conventional price of inflation, and the White Home spin is, ‘Look everyone! Zero % final month!’ Such B.S.
Fox Enterprise anchor David Asman said: “Lies, rattling lies and statistics. Inflation is UP 8.5% yr over yr. At present’s quantity is all gasoline, the demand for which has come all the way down to ranges not seen since 2020 lockdowns … meals continues to be up 10.9% yr over yr. People can reduce street journeys, not meals.”
Some folks pointed out that if Biden believes that there’s zero % inflation, then there is no such thing as a want for the Inflation Discount Act and the $80 billion fund to permit the Inner Income Service (IRS) to rent new brokers.
Referencing the U.S. authorities’s efforts to redefine the technical definition of the phrase “recession,” Townhall.com managing editor Spencer Brown wrote:
The White Home already tried to redefine ‘recession’ and now they count on Individuals to imagine that the 8.5% annual CPI quantity reported for July is ‘zero inflation.’ Unreal.
He described: “The Biden administration’s celebration comes on the ignorance and expense of Individuals who’re dwelling paycheck-to-paycheck, however the White Home clearly doesn’t know or care about what the American individuals are coping with.”
What do you consider the 0% inflation remark by President Joe Biden? Tell us within the feedback part beneath.
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