Biden Under Fire for Claiming U.S. Economy Had 0% Inflation in July — One Lawmaker Calls It ‘Sad and Dangerous’ – Bitcoin News

President Joe Biden said on Wednesday that the U.S. economy had zero inflation in July following the release of the latest CPI report. “Biden claimed we had zero inflation last month. But there is zero chance of that. Inflation was 8.5% in July, still the highest in 40 years,” one lawmaker said.

Biden’s Zero Inflation Comments and Responses

On Wednesday, President Joe Biden said publicly that the U.S. economy had 0% inflation in July following the latest consumer price index (CPI) release Report released.

“Before I start today, I want to talk about the economic-related news released today,” Biden began. “Actually, I just want to say one number: zero.” The president added:

Today, we received news that our economy had zero inflation in July. zero percent.

White House press secretary Karin Jean-Pierre also tweeted: “We just got the news that our economy was at 0% inflation in July. While the prices of some things have gone up, the prices of other things have gone up. Prices, like gasoline, clothes, etc., are all going down.”

Biden under fire for claiming U.S. economy had zero inflation in July — one lawmaker called it 'sad and dangerous'

Comments flooded social media platforms after Biden claimed zero inflation. Some gently explained to him that inflation is not 0%, while others bluntly insulted the President of the United States.

Rep. Mike Bost (R-IL) tweet:

Biden claims we had zero inflation last month. But the chances of this happening are zero. Inflation was 8.5% in July, still the highest in 40 years.

American writer Jeffrey Tucker Call Biden’s claim to zero inflation is “a bogus math trick”, noting: “This is a one-month change in the overall index. Overall, it means a big drop in fuel oil and natural gas (after previous big monthly gains) ) outweighed the massive growth elsewhere.” He added: “Using the same strategy, you could also observe a 19.2% increase in electricity for a month! But, of course, we wouldn’t do that because that would be silly. Practical Growth was 15.2%, which we calculated year-over-year.”

Rudy Havenstein think: “The president and others openly proclaiming – ‘zero inflation’ last month is simply extreme, insulting and frivolous. – Theoreticians.”

Tricia Flanagan wrote: “Inflation was actually 8.5% in July, not ‘zero’ Joe. This misunderstanding of basic economics is sad, misleading and dangerous.”

U.S. Senator Lindsey Graham (R-SC) Comment:

What world does President Biden live in? Americans continue to suffer under Biden inflation. Apparently he didn’t buy any food and didn’t fill up the gas tank…how could you be out of touch? Sad and dangerous.

California House Republican Leader Kevin McCarthy tweet“President Biden just said ‘Our economy had zero inflation in July.'” He noted that gas prices rose 44%, airfare prices rose 27%, and grocery prices rose 13%, he stressed. : “While you continue to fail for him, Biden owes the American people the truth about inflation.”

Rep. Ralph Norman (R-SC) laugh at The Zero Inflation tweet from the White House press secretary stated:

Our inflation rate is more than 4 times normal inflation and the slogan from the White House is, ‘Look! Zero percent last month! such a BS

fox business anchor david asman Say: “Lies, damn lies and statistics. Inflation is up 8.5% y/y. Today’s numbers are all gas, demand for gas has dropped to the highest level since the 2020 lockdown… Food is still up 10.9% y/y. People Road trips can be reduced, not food.”

some people point out If Biden thinks inflation is zero, there is no need to pass the Inflation Reduction Act and an $80 billion fund to allow the IRS to hire new agents.

Referring to the efforts of the U.S. government redefine A Technical Definition of the Term “Recession,” Spencer Brown, Editor-in-Chief, wrote:

The White House has tried to redefine “recession,” and now they expect Americans to believe the 8.5% annual CPI number reported in July was “zero inflation.” illusory.

He described: “The Biden administration’s celebrations have come about through the ignorance and sacrifice of Americans who live off their paychecks, but the White House clearly doesn’t know and doesn’t care what the American people are dealing with.”

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

Kevin Helms

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

Image Source: Shutterstock, Pixabay, Wiki Commons, Levladin

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