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Biden criticized for claiming US economy had 0% inflation in July: Lawmaker calls it ‘sad and dangerous’ – Economics Bitcoin News

President Joe Biden declared on Wednesday that the US economy had zero percent inflation in July after the latest CPI report. “Biden claims we saw zero percent inflation last month. But there’s a zero percent chance that’s the case. Inflation in July was 8.5 percent, which is still a 40-year high.” said one lawmaker.

Comment and Answers on Biden’s Zero Inflation

On Wednesday, President Joe Biden publicly stated that the US economy had 0% inflation in July following the release of the latest Consumer Price Index (CPI) report.

“Before we start today, I want to say a word about the news that came out today regarding the economy,” Biden began. “Actually, I just want to say one number: zero.” The president added:

Today we received news that our economy had zero percent inflation in the month of July. Zero percent.

White House Press Secretary Karine Jean-Pierre similarly stated on Twitter: “We just got news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothes and more, went down.”

Comments flooded social media platforms following Biden’s claim of zero percent inflation. Some gently explained to him that inflation is not 0%, while others insulted the US president.

Representative Mike Bost (R-IL) he tweeted:

Biden claims we saw zero percent inflation last month. But there is a zero percent chance of that being the case. Inflation in July was 8.5%, which is still the highest in 40 years.

American author Jeffrey Tucker he called Biden’s zero percent inflation claims “a bogus math trick,” noting, “That’s the overall one-month index change. In general, that means the big drop in fuel oil and gas (then of previous massive monthly increases) swamped the huge increases everywhere.” He added: “Using the same tactic, you could also see a 19.2% increase in electricity in one month! But of course we wouldn’t because that’s silly. The real increase is 15.2% which we obtain by calculating year after year”.

Rudy Havenstein he opined: “For the president and others to publicly claim — with a straight face — that there was ‘zero inflation’ last month is gas to the extreme, insulting and thoughtless, and I don’t think it’s going to sit well with no. -ideologues “.

Tricia Flanagan he wrote: “It’s actually 8.5% inflation in July, NOT ‘ZERO’, Joe. This misunderstanding of basic economics is sad, misleading and dangerous.”

US Senator Lindsey Graham (R-SC) he commented:

What world does President Biden live in? Americans continue to suffer from Biden’s inflation. He clearly hasn’t bought food or filled up a tank of gas… How out of touch can you be? Sad and dangerous.

Kevin McCarthy, Republican leader of the California House he tweeted“President Biden just said that ‘our economy had zero percent inflation in the month of July.'” Noting that the price of gas has risen 44%, airfare 27% and groceries 13%, he stressed: “As long as you keep paying his money. failures, Biden owes it to the American people truth about inflation”.

Representative Ralph Norman (R-SC) teased the White House press secretary’s zero percent inflation tweet, stating:

We’re more than four times the normal inflation rate, and the White House spin is, “Look everybody! Zero percent last month!’ Such BS

David Asman, host of Fox Business said: “Lies, damned lies and statistics. Inflation has increased by 8.5% year-on-year. Today’s number is all gas, demand for which has fallen to levels not seen since the 2020 lockdowns…food is still up 10.9% year-over-year. People can cut back on road trips, not food.”

Some people pointed out that if Biden believes there is zero percent inflation, there is no need for the Inflation Reduction Act and the $80 billion fund to allow the Internal Revenue Service (IRS) to hire new agents.

Referring to the US government’s efforts to redefine the technical definition of the word “recession,” Editor-in-Chief Spencer Brown he wrote:

The White House already tried to redefine “recession” and now they expect Americans to believe the 8.5% annual CPI reported for July is “zero inflation.” unreal

He described: “The Biden administration’s celebration occurs in ignorance and at the expense of Americans living paycheck to paycheck, but the White House clearly doesn’t know or care what the American people are dealing with.”

What do you think of President Joe Biden’s 0% inflation comment? Let us know in the comments section below.

Kevin Helms

An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons, lev radin

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