Joe Biden’s bane has reared its ugly head (not that anyone’s surprised). August’s inflation numbers are in–and guess what? Inflation continues to rise.
After a brief respite in July from the worst inflation in forty years, consumer prices are rising again.
Compared with a month earlier, the Bureau of Labor Statistics’ Consumer Price Index rose one-tenth of a percentage point. On a year-over-year basis, the CPI was up 8.3 percent.
Prices are up 8.3% from this time last year. That’s a huge increase, as we’ve all experienced.
It was shocking news–to those who believed the White House. And the markets reacted poorly.
From Fox Business:
The major U.S. stock averages opened lower after a government report on consumer prices showed higher than expected inflation. Declining gasoline prices were offset by gains in the costs of rent and food, giving cover for the Federal Reserve to deliver another hefty interest rate increase next Wednesday.
Gas prices dropped a few cents, but those “gains” were wiped out by increasingly rising costs for rent and food. The markets reacted with a “plunge” this morning.
A smart president would be quick to address this. Perhaps honestly assess the fact our economy is a mess.
But not good old Joe.
President Joe Biden is attempting to spin new and horrendous inflation numbers as “progress.”
“Overall, prices have been essentially flat in our country these last two months: that is welcome news for American families, with more work still to do.”
I know we joke a lot about Joe. But we have to start questioning what is going on in his brain.
Inflation is still historically high from just a year ago. Prices were 8.3% higher this August than in August 2021.
Worse still, inflation went up from July.
That has put a huge burden on working families and anyone trying to make ends meet.
Gas prices are still high compared to two years ago. That continues to hurt the cost of everything else.
Yet Biden claimed this is proof our economy is getting better.
Remember when the last guy was in office? The economy soared. And it didn’t take too much time for that to happen.
All 45 had to do was slash regulations, cut taxes, and prioritize American workers–oh, I see it now.
Biden is doing none of that. In fact, the exact opposite. It only seems to be a coincidence anything good is coming out of this economy.
It’s pretty sad that Biden’s administration is touting minor, coincidental improvements as “victories.”
This administration can’t point to a single decision it’s made that has made a big positive change for the country.
It’s been one disaster after another. And the really shocking thing? Nobody in the White House is willing to take responsibility for it.
- Inflation rose over August, reaching a new high (for this time of year) of 8.3%.
- The markets plunged on the news that inflation is continuing to rise.
- Biden ignored the bad news and claimed the economy is getting better.