Joe Biden on Wednesday took a victory lap and claimed the US economy had 0% inflation in the month of July.
Inflation remains historically high.
On Wednesday it was reported that US inflation was 8.5% in July – this is still close to the highest rate in 40 years.
“Prices that consumers pay for a variety of goods and services rose 8.5% in July from a year ago, a slowing pace from the previous month due largely to a drop in gasoline prices.” CNBC reported.
“On a monthly basis, prices were flat as energy prices broadly declined 4.6% and gasoline fell 7.7%. That offset a 1.1% monthly gain in food prices and a 0.5% increase in shelter costs.” CNBC added.
Joe Biden says this is a win.
“Before I begin today, I want to say a word about the news that came out relative to the economy. I want to say a number. Zero. Today, we received news our economy had 0% inflation in the month of July. 0%.” – Biden said.
WATCH:
Biden: “Before I begin today, I want to say a word about the news that came out relative to the economy. I want to say a number. Zero. Today, we received news our economy had 0% inflation in the month of July. 0%.” pic.twitter.com/wNfR8jRIQj
— Tom Elliott (@tomselliott) August 10, 2022
And of course CNN swooped in and helped Joe Biden with a fake news headline.
Holy crap. CNN is celebrating 8.5% inflation.
Talk about out of touch! pic.twitter.com/Z8cyOAZyh1
— Steve Guest (@SteveGuest) August 10, 2022
Zero Hedge pointed out that real weekly earnings are down for a RECORD 16th consecutive month.
“Inflation-adjusted earnings have declined for 89% (16 of 18 months) of Biden’s presidency” Zero Hedge.
Real weekly earnings are down for a record 16th consecutive month.
Inflation-adjusted earnings have declined for 89% (16 of 18 months) of Biden’s presidency pic.twitter.com/IAgFtBaXJ6
— zerohedge (@zerohedge) August 10, 2022
