According to the CPI Report, President Joe Biden declared Wednesday that there was zero inflation in the U.S. Economy for July. “Biden is claiming that we saw zero percent inflation last month. But there’s a zero percent chance that’s the case. Inflation in July was 8.5%, which is still a 40-year high,” said a lawmaker.
Biden’s Zero Inflation Comment and Responses
Joe Biden, the President of the United States declared Wednesday that July’s consumer price index report (CPI) had shown 0% inflation.
“Before I begin today, I want to say a word about the news that came out today relative to the economy,” Biden began. “Actually, I just want to say a number: zero.” The president added:
We received today’s news about zero percent inflation for July. Zero percent.
The White House press secretary, Karine Jean-Pierre, similarly stated on Twitter: “We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped.”
Comments flooded social media platforms following Biden’s zero percent inflation claim. Some people gently explained that inflation does not exceed 0%, while some others insulted President Obama.
Rep. Mike Bost (R IL) tweeted:
Biden claims that there was zero percent inflation in the last month. But there’s a zero percent chance that’s the case. 7.5% was the inflation in July, which remains at a forty-year high.
American author Jeffrey Tucker called Biden’s zero percent inflation claim “a bogus math trick,” noting: “This is the overall one-month index change. Overall that means that the big drop in fuel oil and gas (following previous massive monthly increases) swamped the huge increases everywhere else.” He added: “Using the same tactic, you could also observe a one-month 19.2% increase in electricity! But, of course, we would not do that because that’s dumb. The actual increase is 15.2% which we get from calculating year over year.”
Rudy Havenstein opined: “For the president and others to publicly claim — with a straight face — that there was ‘zero inflation’ last month is gaslighting at an extreme level, and insulting, and thoughtless, and I do not think it will go over well with non-ideologues.”
Tricia Flanagan wrote: “It’s actually 8.5% inflation in July NOT ‘ZERO,’ Joe. This misunderstanding of basic economics is sad, misleading & dangerous.”
U.S. Senator Lindsey Graham (R-SC) commented:
In what world does President Biden live? Americans still suffer from Biden inflation. Clearly, he hasn’t bought any food or filled up a gas tank … How out of touch can you be? This is dangerous and sad.
Kevin McCarthy, California House Republican Leader tweeted: “President Biden just said ‘our economy had zero percent inflation in the month of July.’” Noting that gas price is up 44%, airfare 27%, and groceries 13%, he stressed: “While you continue to pay for his failures, Biden owes the American people the truth about inflation.”
Ralph Norman, R-SC mockedWhite House Press Secretary, John Bolton tweeted a zero percent inflation message.
We’re more than 4X the normal rate of inflation, and the White House spin is, ‘Look everybody! Zero percent last month!’ Such B.S.
David Asman is a Fox Business anchor said: “Lies, damn lies and statistics. The inflation rate is 8.5% higher year-over year. Today’s number is all gas, the demand for which has come down to levels not seen since 2020 lockdowns … food is still up 10.9% year over year. Folks can cut road trips, not food.”
Some people pointed outIf Biden thinks there’s zero percent inflation then the Inflation Reduction Act (and the $80B fund) are unnecessary to enable the Internal Revenue Service to hire more agents.
Referencing the U.S. government’s efforts to redefine the technical definition of the word “recession,” Townhall.com managing editor Spencer Brown wrote:
The White House already tried to redefine ‘recession’ and now they expect Americans to believe that the 8.5% annual CPI number reported for July is ‘zero inflation.’ Unreal.
He described: “The Biden administration’s celebration comes at the ignorance and expense of Americans who are living paycheck-to-paycheck, but the White House clearly doesn’t know or care about what the American people are dealing with.”
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