Biden Says New Inflation Numbers ‘Outdated’…No, He’s Out of Touch
Building Backwards Badly…Thank you, Joe Biden. The Consumer Price Index (CPI) rose to 9.1% between June 2021 and June 2022. This means that inflation once again surpassed record highs, according to a report this week from the U.S. Bureau of Labor Statistics.
This exceeds the most recent year-over-year inflation figure estimated to be 8.8% by Dow Jones.
Inflation is determined by the percent of change in the price of goods over a set period. The CPI has determined a “hypothetical basket” of consumer goods that an average American household might purchase.
The rise in price levels compared to the rise in wages show that people are spending a greater portion of their income on goods and services.
In the time between June 2021 and June 2022, food increased by 10.4%, the price of energy increased 41.6%, and the price of new vehicles increased 11.4%, according to the Bureau of Labor Statistics.
What did the president have to say about this bad news? He brushed the four-decade high off as “outdated information.”
“Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices,” he said in a statement, noting that gas prices have fallen by $0.40 since June. “Those savings are providing important breathing room for American families.”
“We expect the headline number, which includes gas and food, to be highly elevated, mainly because gas prices were so elevated in June,” White House Press Secretary Karine Jean-Pierre told reporters on Monday. “The President’s number one economic priority is tackling inflation. And looking ahead, there are a number of reasons why we expect those high prices to ease over the coming months.”
The information is not outdated, we have a White House administration that is out of touch.