From the moment inflation posed a threat, Joe Biden and his administration have been lying about it.
First, the narrative was that inflation was just going to be “transitory.” Even Treasury Secretary Janet Yellen previously argued inflation wasn’t anything to be truly concerned about. Yellen, earlier this year, walked back her comments from 2021 and admitted she was wrong.
After claiming inflation was just transitory, Biden and his aides began blaming it on the war in Ukraine. However, the timeline of inflation beginning well before Russia attacked Ukraine proved this claim was another lie.
Finally, the White House began arguing that Republican lawmakers were driving inflation since they didn’t support the American Rescue Plan of 2021.
Sadly, the lies keep going on to this day. Amid growing layoffs, an ongoing recession, stock market tumbles, and more negative economic data, Biden still isn’t being truthful with the country.
The Latest From Biden on Inflation
This past Tuesday, the president was questioned about major upticks in costs of electricity, natural gas, rent, and other necessities Americans can’t go without. Biden responded by telling the media he believes everyone is “going to be fine.”
Later, the president directly downplayed consistent inflation over a period of months, saying it’s a small fraction of 1%.
Will never be able to get over the image of Joe Biden speaking about how he singlehandedly beat inflation as the stock market tanks over 1,200 points on live television due to inflation.
An all time moment in the history of American presidents. pic.twitter.com/agULMywRSL
— Greg Price (@greg_price11) September 13, 2022
These lies from Biden follow his administration’s recent endeavors to redefine what constitutes a recession. Meanwhile, economists, including those with ties to the previous Obama administration, warn that what the economy is up against today is not good.
Economist Jason Furman, for example, described the consumer price index as very “ugly.” Another aide to former President Obama, Larry Summers, has likewise conceded the United States has real issues when it comes to inflation.
Leading America Off a Cliff
Despite the cavalier attitude from the president, Americans are getting an upfront look at inflation every single day.
Recently, the White House celebrated the signing of the Inflation Reduction Act, despite multiple economists saying this law will have no tangible impact on lowering inflation.
The median CPI, which excludes all the large changes in either direction and is better predicted by labor market slack, is out and is extremely ugly. A 9.2% annual rate in August, the single highest monthly print in their dataset which starts in 1983 (second highest was in June). pic.twitter.com/4W6XDLdJXA
— Jason Furman (@jasonfurman) September 13, 2022
Americans who are able to see the writing on the wall continue warning the nation is facing a disaster. Small businesses are struggling to make ends meet. People are draining their savings (if they have any left) and having to exit retirement.
Biden’s claim that America is “going to be fine” comes despite all evidence proving otherwise.