President Joe Biden acknowledged Wednesday that the U.S. economic system had zero p.c inflation in July following the most recent CPI report. “Biden is claiming that we noticed zero p.c inflation final month. However there’s a zero p.c likelihood that’s the case. Inflation in July was 8.5%, which continues to be a 40-year excessive,” mentioned a lawmaker.
Biden’s Zero Inflation Remark and Responses
On Wednesday, President Joe Biden publicly acknowledged that the U.S. economic system had 0% inflation in July after the most recent client worth index (CPI) report was launched.
“Earlier than I start in the present day, I need to say a phrase concerning the information that got here out in the present day relative to the economic system,” Biden started. “Truly, I simply need to say a quantity: zero.” The president added:
Right now, we obtained information that our economic system had zero p.c inflation in the month of July. Zero p.c.
The White Home press secretary, Karine Jean-Pierre, equally acknowledged on Twitter: “We simply obtained information that our economic system had 0% inflation in July. Whereas the worth of some issues went up, the worth of others, like fuel, clothes, and extra, dropped.”
Feedback flooded social media platforms following Biden’s zero p.c inflation declare. Some gently defined to him that inflation will not be 0% whereas others flat-out insulted the U.S. president.
Rep. Mike Bost (R-IL) tweeted:
Biden is claiming that we noticed zero p.c inflation final month. However there’s a zero p.c likelihood that’s the case. Inflation in July was 8.5%, which is STILL a 40-year excessive.
American creator Jeffrey Tucker known as Biden’s zero p.c inflation declare “a bogus math trick,” noting: “That is the general one-month index change. General that signifies that the large drop in gasoline oil and fuel (following earlier huge month-to-month will increase) swamped the massive will increase in all places else.” He added: “Utilizing the identical tactic, you could possibly additionally observe a one-month 19.2% improve in electrical energy! However, after all, we’d not try this as a result of that’s dumb. The precise improve 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 suppose it’s going to go over properly with non-ideologues.”
Tricia Flanagan wrote: “It’s really 8.5% inflation in July NOT ‘ZERO,’ Joe. This misunderstanding of fundamental economics is unhappy, deceptive & harmful.”
U.S. Senator Lindsey Graham (R-SC) commented:
What world is President Biden dwelling in? Individuals proceed to undergo underneath Biden inflation. Clearly, he hasn’t purchased any meals or crammed up a fuel tank … How out of contact are you able to be? Unhappy and harmful.
California Home Republican Chief Kevin McCarthy tweeted: “President Biden simply mentioned ‘our economic system had zero p.c inflation in the month of July.’” Noting that fuel worth is up 44%, airfare 27%, and groceries 13%, he harassed: “Whilst you proceed to pay for his failures, Biden owes the American individuals the reality about inflation.”
Rep. Ralph Norman (R-SC) mocked the zero p.c inflation tweet by the White Home press secretary, stating:
We’re greater than 4X the traditional fee of inflation, and the White Home spin is, ‘Look all people! Zero p.c final month!’ Such B.S.
Fox Enterprise anchor David Asman mentioned: “Lies, rattling lies and statistics. Inflation is UP 8.5% yr over yr. Right now’s quantity is all fuel, the demand for which has come right down to ranges not seen since 2020 lockdowns … meals continues to be up 10.9% yr over yr. Of us can lower street journeys, not meals.”
Some individuals identified that if Biden believes that there’s zero p.c inflation, then there isn’t 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 consider 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 in the feedback part under.
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