Biden Condemned for Claiming US Economy Had 0% Inflation in July — One Lawmaker Calls It ‘Sad and Dangerous’ – Economics Bitcoin News

Biden Condemned for Claiming US Economy Had 0% Inflation in July — One Lawmaker Calls It ‘Sad and Dangerous’ – Economics Bitcoin News

President Joe Biden said Wednesday that the US economy had zero percent inflation in July after the latest Consumer Price Index report. “Biden claims that we saw zero percent inflation last month. But there’s zero percent chance that’s the case. Inflation in July was 8.5%, which is still the highest level in 40 years,” said the MP.

Biden’s comments and responses to zero inflation

On Wednesday, President Joe Biden publicly stated that the US economy had 0% inflation in July following the latest Consumer Price Index (CPI) report was released.

“Before I get started today, I want to say a few words about the news that came out today regarding the economy,” Biden began. “Actually, I just want to say the number: zero.” The president added:

Today we received the news that our economy had zero percent inflation in the month of July. Zero percent.

White House Press Secretary Karine Jean-Pierre similarly tweeted: “We just received word that our economy had 0% inflation in July. While the price of some things went up, the price of others, like petrol, clothes and more, went down.”

Biden Condemned for Claiming US Economy Had 0% Inflation in July — One Lawmaker Calls It ‘Sad and Dangerous’ – Economics Bitcoin News

Comments flooded social media platforms following Biden’s claim of zero percent inflation. Some gently explained to him that inflation is not 0%, while others openly insulted the American president.

Representative Mike Bost (R-IL) tweeted:

Biden claims we saw zero percent inflation last month. But there’s zero percent chance that’s the case. Inflation in July was 8.5%, which is STILL a 40-year high.

American writer Jeffrey Tucker called Biden claims zero percent inflation is “a bogus math trick,” noting, “This is the total one-month change in the index. Overall, this means that the big declines in fuel oil and gas (after previous huge monthly increases) have been swamped by huge increases everywhere else.” He added: “Using the same tactics, you could also see a 19.2% monthly increase in electricity! But of course we wouldn’t do that because it’s stupid. The actual increase is 15.2%, which we get year-over-year.”

Rudy Havenstein opinions: “For the president and others to publicly claim — with a straight face — that there was ‘zero inflation’ last month is a shutdown at an extreme level, offensive and reckless, and I don’t think it will go down well with non-ideologues.”

Tricia Flanagan wrote: “That’s actually 8.5% inflation in July, NOT ‘ZERO’, Joe. This misunderstanding of basic economics is sad, misleading and dangerous.”

US Senator Lindsey Graham (R-SC) commented:

What world does President Biden live in? Americans continue to suffer from Biden’s inflation. Apparently, he didn’t buy food or fill the tank… How long can you go without contact? Sad and dangerous.

California House Republican Leader Kevin McCarthy tweeted: “President Biden just said ‘our economy had zero percent inflation in the month of July.'” Noting that the price of gas is up 44%, airline tickets are up 27%, and groceries are up 13%, he emphasized: “While you continue to pay for his FAILURES, Biden owes the American people the truth about inflation.”

Representative Ralph Norman (R-SC) ridiculed the White House Secretary’s tweet about zero percent inflation, stating:

We are more than 4 times the normal rate of inflation, and the White House’s stance is, ‘Look, everybody! Zero percent last month!’ Such BS

Fox Business anchor David Asman he said: “Lies, damn lies and statistics. Inflation increased by 8.5% on an annual basis. Today’s number is all gas, demand for which has fallen to levels not seen since the 2020 shutdown … food is still up 10.9% year over year. People can cut back on travel, not food.”

Some people pointed out that if Biden believes there is zero percent inflation, then there is no need for the Inflation Reduction Act and an $80 billion fund to allow the Internal Revenue Service (IRS) to hire new agents.

Citing efforts by the US government to redefine the technical definition of the word “recession” by Townhall.com Editor-in-Chief Spencer Brown wrote:

The White House has already tried to redefine ‘recession’ and now they expect Americans to believe that the 8.5% annual CPI reported for July is ‘zero inflation’. Unreal.

He described: “The celebration of the Biden administration comes at the expense of ignorance and at the expense of Americans living paycheck to paycheck, but the White House clearly does not know or care about what the American people are dealing with.”

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

Biden Condemned for Claiming US Economy Had 0% Inflation in July — One Lawmaker Calls It ‘Sad and Dangerous’ – Economics Bitcoin News

Kevin Helms

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.




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