Claim: Biden’s bogus claim about inflation was merely refuting the fact that the reasons for prices were now present when Joe Biden became president.
Verdict: Phony and false.
President Joe Biden’s false claim that inflation was at 9 % when he took office was made public on Wednesday by White House Press Secretary Karine Jean-Pierre, who claimed that the reasons for inflation’s rise were in place when he took office in January 2020.
Biden made a false claim this week that his inflation rate was 9 % when he took office. He initially made the statement in an appointment with CNN’s Erin Burnett last year. He repeated the lies in an interview with Yahoo this month. Finance.
” I think inflation has gone somewhat off, it was at 9 percentage percent when I came in”, Biden , said , during the interview. ” And, it’s now down around 3 percent percentage”.
The season- over- time rate of inflation was 3.5 percent in March, the latest information accessible when Biden gave the meeting. On Wednesday, the Labor Department said prices had ticked down to 3.4 percentage. Since March 2021, inflation has not been 3 % or less. When Biden took office, the consumer price index was away 1.4 percent compared with a month earlier.
Edward Lawrence, a reporter for Fox Business Network, repeatedly questioned Jean-Pierre about Biden’s repeated prices lies during a media conference on Wednesday.
” I want to know how the President discusses prices. The President stated that inflation was 9 % when he took office twice over the past two weeks. Is the President making false claims about that? Or is it simply unaware that inflation was 1.4 % when he took office? Lawrence asked.
Jean- Pierre replied that the mayor’s state should not be taken actually. He claimed that inflation was 9 % to support his claim that the “factors that caused inflation” were present when he took office.
When he entered the presidency when he took office, Jean-Pierre made the claim that the factors that contributed to prices were in place.
Jean-Pierre argued that the pandemic and the opening of the business were the unavoidable causes of the four-decade higher inflation.
” Reopening after the pandemic inevitably increased inflation by launching bottled up demand. Prices increased fast as we reopened”, Jean- Pierre said.
Verdict: Phony and false.
Biden made no claim about inflation’s triggers. He claimed that inflation was 9 % when he took office, which is false. The rise in the consumer price index, which had already been in place almost a year and a half after Biden took office, did not reach 9 % until June 2022.
The assertion made by Jean-Pierre that the factors that caused inflation to rise to 9 percent, the highest level since 1981, were in place before Biden took company is deceptive and opposes President Biden’s earlier assertions about inflation.
” There’s nothing suggesting there’s unregulated prices on the way. No major scholar”, Biden said, fraudulently, on July 19, 2021.
This was unfounded. At the time, analyst Larry Summers had been warning for times that the Biden administration’s costless- spending policies may drive up prices. Summers explained in an interview with CNN that the Biden president’s American Rescue Bill made the error of pumping up demand too much without addressing the issue of increasing offer. That had triggered prices.
Summers served as president of Harvard University while Bill Clinton was in charge of the Treasury Secretary, Bill Clinton led the National Economic Council, and Barack Obama was in charge of the World Bank’s main scholar.
That is a long rest, but it is true of Biden’s most recent lie. Why did Biden insist that inflation would not be a problem in the summer of 2021 if the elements that may trigger prices were already present?
According to Jean-Pierre, the argument that the reopening caused pent-up need to become “unavoidable” points to the fact that the$ 1.9 trillion stimulus under the American Rescue Plan was not only wasteful but irresponsible in 2021, as Summers and many Democrats claimed at the time. But in attempting to defend Biden’s latest untruth, she is condemning the signature policy of Biden’s first year in business.
Even if Biden had n’t spent rashly, it is likely that as we emerged from the pandemic shutdowns, prices would have increased. There was increased desire, and American households were stocked with extra savings from earlier shells of stimulus and quarantine spending repression. The failure of the global supply chains caused the economy to be unable to handle the increase in spending.
But it would not have surged as high as nine percentage without the Biden administration’s policies. The average inflation forecast for Federal Reserve officials for March 2021 was for the personal consumption expenditure (PCE ) price index to fall to 2.4 percent in the first year and then fall to 2 percent the next year. The highest rate of inflation since 2011 would still have been the lowest if prices had continued to be that small.
With Biden in the White House, however, prices soared much higher. In 2021, the PCE price index rose 4.2 percentage in 2021 and 6.5 percent the next year, the highest since 1981. The PCE cost index’s annual inflation gain reached its highest point in June 2022, at 7.1 percent.