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Biden Brags About Inflation While Economy Sags – Watch

Biden Brags About Inflation While Economy Sags – Watch

In a speech in Wisconsin on Tuesday, President Biden touted his record on inflation, claiming that it is “near the lowest point in two years.” However, the reality for many Americans is that they are spending hundreds of dollars more per month on essentials like food, gas, and housing.

A new report said that Americans paid $709 more dollars for basic goods and services in July 2023 than they did in July 2021, which was just months into Biden’s time in office.

According to the Consumer Price Index, inflation has risen by 8.6% in the past year, the highest rate in 40 years. This means that the average American household is spending an extra $450 per month just to keep up with the rising cost of living.

“In case you haven’t noticed, inflation is down, too — and it’s going lower,” Biden said during his Tuesday speech. The speech took place as Biden promoted his “Bidenomics” vision in a state that will be key in the 2024 presidential election.

“We have the strongest economy in the world. You’re looking at me a little skeptical, but I promise you. Check it out,” Biden said while speaking at a wind turbine factory.

GOP leaders have pointed to a decline in real wages and lingering 3.2% inflation, which is nearly 2% higher than when Biden first took office.

“Real wages are down and gas prices are up,” House Speaker Kevin McCarthy (R-CA) said on X. “You are paying the price for failed leadership.”

Biden was commemorating the passage of the so-called “Inflation Reduction Act,” a measure many economists said would not actually move the needle on inflation.

“I can’t think of any mechanism by which it would have brought down inflation to date,” Harvard University economist Jason Furman told the Associated Press.

Inflation is not just a problem for low-income families. Even middle-class families are feeling the pinch. A recent study by the Pew Research Center found that 70% of Americans say that inflation is causing financial hardship for their household.

Written by Mark Stevens - August 16, 2023