After the September inflation report came out on Thursday, President Biden was criticized for what he said about Republicans.
Biden went to Los Angeles to discuss the Bipartisan Infrastructure Law and how it would affect voters. His speech came after a new report from the Consumer Price Index showed that inflation was 8.2% higher in September than at the same time last year. It was more than what was expected at first.
Biden was more optimistic about the news, but he also said that if Republicans win back control of Congress in 2022, they will try to make inflation worse.
Republicans criticized Biden a lot about the latest news about inflation because it came after stories that played down or lied about his past. In August, Biden said that inflation was “zero percent” in July, even though it had increased by 8.5% in July last year. Biden also said in December that inflation was at its highest point when the rate reached 6.8%. (Source- Business News).
The message was criticized for being misleading, drawing comparisons to Vice President Joe Biden’s assertion in August that there was “zero inflation” in July, even though the government Consumer Price Index recorded an 8.5% annual increase in expenditures during that month.
Skeptics on social media argued Biden’s claim needed to be fact-checked, citing Consumer Price Index statistics for September that showed a 13% annual climb in the cost of groceries, a 19.8% annual jump in the cost of energy, and a 6.6% annual jump in housing expenses.
Trump supporter and Twitter user Marc Lotter pointed out the disparity between inflation under Biden (1.4%) and inflation under Trump (8.2%) in a tweet. (Source – Twitter)
In September, the rate went up by.4%, which means that if only last month’s rate were used to calculate the annual rate, it would reach 4.8% in September 2023.
The Biden administration announced Thursday that the cost of living for the 70 million Americans who get Social Security payments will go up by 8.7% in 2023. It is different from how the administration has been talking about inflation.
The Federal Reserve’s goal for annual inflation is 2%; this year, the central bank has raised interest rates sharply to keep prices down.
Interest rate hikes have made people worry more about a recession, and gas prices are going up again after hitting record highs in June. It makes people dread that more inflation is coming.
The US economy declined in the first two quarters of 2022, which is what most people consider a recession. However, the White House says there isn’t a recession because unemployment is low and there hasn’t been a lot of business disruption.
Even though Biden, his economic team, and his brave press secretary tried their best, it’s clear that people aren’t interested in hearing about inflation and recession when the price of a dozen eggs has gone up by 40 percent.
That’s how real life is in the United States. It’s not like in Biden’s world, where the process stands in for progress.
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