President Joe Biden continues to bury his head in the sand when it comes to inflation. Speaking on CBS’s “60 Minutes,” the president declared that the country’s skyrocketing prices are up “just an inch” in the short term.
Nevermind, of course, that year-over-year inflation came in at 8.3% in August and still hovers near four-decade highs. For the Biden White House, this is something to celebrate.
Even when reminded that inflation has lingered at its highest point in 40 years, the president was in denial. He claimed for the past several months, “it hasn’t spiked” and has “been basically even.”
In other words, it soared extremely high and stayed there. That is supposedly good news. Even when consumer prices were expected to decline in August due to prices at the pump decreasing, they went up instead.
60 Min: "What can you do better to lower inflation?"
Biden: "inflation rate month to month was just up an inch."
60 Min:"You're not arguing 8.3% is good news?"
Biden: "You're acting like all of a sudden 'my God it went to 8.2%'"
60 Min: "It's the highest rate in 40 years." pic.twitter.com/DEwugGct4d
— Greg Price (@greg_price11) September 19, 2022
Biden told CBS’s Scott Pelley that there needs to be “perspective.” Inflation reaching its highest levels in four decades clearly is not enough.
For more perspective, the median Consumer Price Index, which only tallies the middle of the price changes, rose 0.7% in August. The exact figure, 0.73789%, is the highest on record and spreads out to a 9.2% annual inflation rate.
For a country that hardly has any inflation, according to the president, Americans are paying much higher prices for nearly everything. Groceries rose 0.7% in August and food at home showed a 13.5% year-over-year increase.
Credit card companies report that there is a major shift as to where consumers are swiping their plastic. The top categories presently are food and gas, reflecting the enormous increases in both and the strain they are applying to U.S. paychecks.
Buying a car? Figures from the Cox Automotive/Moody’s Analytics Vehicle Affordability Index show that the average American car payment is now a shocking $743 per month.
As for the so-called Inflation Reduction Act that the White House continues to celebrate, independent analysis shows it will only reduce costs by 0.1% over the next five years.
The president is playing fast and loose with the numbers, and while that is expected from political leaders, it does not ease the pain suffered by consumers one iota. It must be difficult to deny inflation with a straight face, even for Biden.