Home Crypto News Biden Slammed for Claiming US Financial system Had 0% Inflation in July — One Lawmaker Calls It ‘Unhappy and Harmful’ – Economics Bitcoin Information

Biden Slammed for Claiming US Financial system Had 0% Inflation in July — One Lawmaker Calls It ‘Unhappy and Harmful’ – Economics Bitcoin Information

by Cryptoroz


President Joe Biden said 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 probability 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 said that the U.S. economic system had 0% inflation in July after the most recent client value 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 economic system,” Biden started. “Really, I simply wish to say a quantity: zero.” The president added:

At the moment, we obtained information that our economic system had zero p.c inflation within the month of July. Zero p.c.

The White Home press secretary, Karine Jean-Pierre, equally said on Twitter: “We simply obtained information that our economic system had 0% inflation in July. Whereas the value of some issues went up, the value of others, like gasoline, clothes, and extra, dropped.”

Biden Slammed for Claiming US Economy Had Zero Percent Inflation in July — One Lawmaker Calls It 'Sad and Dangerous'

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 probability 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 gasoline (following earlier large month-to-month will increase) swamped the massive will increase in every single place else.” He added: “Utilizing the identical tactic, you might additionally observe a one-month 19.2% improve in electrical energy! However, in fact, we’d not try this as a result of that’s dumb. The precise improve is 15.2% which we get from calculating 12 months over 12 months.”

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 would go over nicely with non-ideologues.”

Tricia Flanagan wrote: “It’s truly 8.5% inflation in July NOT ‘ZERO,’ Joe. This misunderstanding of fundamental economics is gloomy, deceptive & harmful.”

U.S. Senator Lindsey Graham (R-SC) commented:

What world is President Biden residing in? People proceed to endure below 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 mentioned ‘our economic system had zero p.c inflation within the month of July.’” Noting that gasoline value is up 44%, airfare 27%, and groceries 13%, he harassed: “When 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 charge 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% 12 months over 12 months. At the moment’s quantity is all gasoline, the demand for which has come right down to ranges not seen since 2020 lockdowns … meals continues to be up 10.9% 12 months over 12 months. People can reduce street journeys, not meals.”

Some individuals identified that if Biden believes that there’s zero p.c inflation, then there isn’t any want for the Inflation Discount Act and the $80 billion fund to permit the Inside 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 anticipate People 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 People who’re residing 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 under.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.




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