Joe Biden Misleads Public About Inflation Reality During State of the Union Address
On February 29, Joe Biden tweeted “Inflation is the lowest it has been in nearly three years…and wages, wealth, and jobs are higher than they were before the pandemic.” He further supported this idea during his recent State of the Union address, arguing that “inflation has dropped from 9% to 3% — the lowest in the world.”
However, Biden’s assertions create a misleading picture about the complexities of inflation. While no metric is perfect, the most common measure of inflation is the year-to-year Consumer Price Index (CPI). This measure shows that nearly 3 years ago, the year-to-year inflation rate ending March 2021 was 2.6%. This negates the notion that inflation is the lowest it has been in nearly three years using Biden’s 3% figure (current estimations show the inflation rate hovers at 3.1%). Further, cumulative inflation has risen 18% since 2021, an annual average of 6%.
Food prices also specifically remain a concern, which is relevant due to a November 2023 survey data indicating “more than two-thirds of voters say that inflation has hit them the hardest through higher food prices.”
While inflation may be steadily cooling, prices, wages, and jobs remain a concern despite Biden’s tweet. As noted by ZeroHedge on X, prices remain extremely high, there has been zero job growth for native US citizens and all jobs created in the past year are part-time, while real wages are currently and have been negative during the Biden administration’s time in office. Notably, job loss and subsequent re-creation can be attributed to the end of Covid-19 restrictions rather than the addition of truly new jobs. Food prices also specifically remain a concern, which is relevant due to a November 2023 survey data indicating “more than two-thirds of voters say that inflation has hit them the hardest through higher food prices.”
Additionally, Biden’s claim that the US has the lowest interest rate in the world is also false. Switzerland, Sweden, Denmark, Japan, and Spain are five countries with lower interest rates than the US.
Read More:
