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'Maybe 8.5% now identifies as 0%?'
Speaking before signing the “PACT Act of 2022” on Wednesday morning, President Joe Biden claimed that his wonderful economic plan "is working" and that somehow July’s annual inflation rate of 8.5% was actually “zero.”
“I just want to say a number: zero. Today we received news that our economy had 0% inflation in the month of July,” Biden said during a ceremony in the East Room of the White House.
\u201cBIDEN: "Today we received news that our economy had 0% inflation in the month of July."\u201d— Townhall.com (@Townhall.com) 1660141536
White House press secretary Karine Jean-Pierre dutifully echoed the president's not-at-all misleading claim:
\u201cWe 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.\u201d— Karine Jean-Pierre (@Karine Jean-Pierre) 1660142051
The truth of the matter is that last month's inflation rate of 8.5% was a (small) step in the right direction, but only because it was lower than June's 41-year high of 9.1% — and the thing is, anyone who's graduated kindergarten knows it.
\u201cWASHINGTON (AP) \u2014 US inflation slows from a 4-decade peak to a still-high 8.5% over the past year.\u201d— Zeke Miller (@Zeke Miller) 1660134771
\u201cConsumer inflation in July cools to *just* 8.5% down from 9.1% in June. Wages are growing at 5.2% so those gains wiped out by inflation. Real wages declining. Energy prices still up 32.9% in the last year. \nFuel oil +75.6%. Gasoline all types +44%.\u201d— Dagen McDowell (@Dagen McDowell) 1660137145
\u201c@greg_price11 Have they started changing the names of numbers now?\u201d— Greg Price (@Greg Price) 1660141509
\u201cOne more \u2026\n\n17 percent inflation = \u201czero percent\u201d\u201d— Tom Elliott (@Tom Elliott) 1660144163
\u201c@townhallcom If there is 0% inflation, why do we need the inflation reduction act?\ud83e\udd14\u201d— Townhall.com (@Townhall.com) 1660141536
\u201c@townhallcom I don\u2019t believe a single thing government says any longer. Between redefining words, changing data, secrets, abuses of power, and out right lies, I no longer trust my government. I have lost all faith in the belief that government has my best interests in heart.\u201d— Townhall.com (@Townhall.com) 1660141536
\u201cShelter is the single biggest component of CPI (33% of the Index) and is still being wildly understated (@ +5.7% YoY) with rents up 12.4% over the last year and home prices up 19.7%. Which means that the true inflation rate is much higher than 8.5%.\u201d— Charlie Bilello (@Charlie Bilello) 1660134941
So, who do White House personnel think they're fooling? On the radio program Wednesday, Glenn Beck and producer Stu Burguiere broke down how the Biden administration came to this latest disingenuous conclusion about the economy, what the latest consumer price index actually shows, and why the inevitable Biden brag-fest will be unbearable.
Watch the video clip below. Can't watch? Download the podcast here.
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