President Biden tried to spin the latest economic numbers in his favor by claiming inflation is only rising by 2% on an annualized basis in the last three months.
However, economic data suggested prices are now 8.2% more, compared to the same time last year.
Biden Misquotes Economic Data Despite Surging Inflation
According to Biden, the US economy is making progress under his leadership, as the average inflation hike in the last three months is only 2%.
Likewise, Biden insisted many people are suffering from inflation these days, but he managed to bring inflation down from 11% to 2% within the last six months.
Biden claims inflation 'averaged 2%' after data shows 8.2% https://t.co/C0KnGw5FOL
— Joe Concha (@JoeConchaTV) October 14, 2022
Critics slammed Biden, as he fudged the numbers. Many people pointed out Biden also claimed in July that inflation reached zero percent in America, even though the Labor Department report noted the consumer price index touched 8.5%.
Similarly, many social media users urged fact-checkers to check Biden’s false claims. Grocery prices increased by 13% in September, while energy prices hiked by nearly 20%. In addition to that, the housing sector saw a jump of 6.6% in prices in September.
Former president of PayPal, David Marcus, stated Biden has a habit of spinning economic data.
Marcus suggested that Biden first named his own socialist agenda “Inflation Reduction Act,” despite the fact the bill has no provision to reduce inflation. Now, Biden is trying to manipulate economic numbers using false claims, Marcus added.
Furthermore, one official of the America First Policy Institute, Marc Lotter, noted Biden is misquoting the numbers; he took office when inflation was standing at a mere 1.4%, which is now touching 8.2%.
When Biden took office…
— RNC Research (@RNCResearch) October 13, 2022
White House Officials Praised Biden for the Economy
A White House official told the New York Post that Biden was talking about the consumer price index’s point-based system, which only increased by 0.5% in the last three months.
In June, it stood at 295.328, while it increased to 296.761 in September. So, the White House official noted, these numbers mean inflation would increase by 2% in the next twelve months.
However, the White House official did not mention the consumer price index’s point-based system increased by 0.4% in September only. This, therefore, means that inflation is expected to reach 4.8% in September next year.
Meanwhile, the Biden administration also announced a cost of living adjustment of 8.7% for social security recipients for 2023, despite Biden’s claims of only 2% inflation.
Brian Deese, the director of the national economic council of the White House, also praised the efforts of the Biden administration to tame the market prices.
Deese then went on to suggest the United States is somehow in a better position to tackle rising inflation these days, compared to any other country in the world.
Likewise, Deese established that overall inflation numbers are declining, while gas is also supposedly cheaper these days.