President Joe Biden Criticized When Claiming Zero Inflation In July

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On Wednesday this week, President Joe Biden confirmed the US economy had zero inflation in July after the latest CPI report. This has caused some mixed opinions.

Joe Biden Criticized For Distorting Truth When Claiming Zero Inflation In July — Joe Biden – President of the United States of America

Representative Mike Bost (R-IL) tweeted:

Biden is claiming that we saw zero percent inflation last month. But there’s a zero percent chance that’s the case.

Inflation in July was 8.5%, which is STILL a 40-year high. pic.twitter.com/TFO8jVz9Vr
— Rep. Mike Bost (@RepBost) August 10, 2022

On Wednesday, President Joe Biden publicly declared the US economy to have zero inflation in July after the latest consumer price index (CPI) report.

“Today, we received news that our economy had 0% inflation in the month of July — 0%.”

White House press secretary Karine Jean-Pierre made the same statement on Twitter:

We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped.
— Karine Jean-Pierre (@PressSec) August 10, 2022

After Biden’s 0% inflation statement, comments flooded the social media platform. While some gently explain inflation is not zero, others bluntly criticize the President.

US author Jeffrey Tucker called Biden’s 0% inflation claim a “bogus math trick,” noting:

Ok super quick note on Biden's claim that inflation is zero. It's a bogus math trick. This is the overall one-month index change. Overall that means that the big drop in fuel oil and gas (following previous massive monthly increases) swamped the huge increases everywhere else.
— Jeffrey A Tucker (@jeffreyatucker) August 10, 2022

Rudy Havenstein says:

For the President and others to publicly claim – with a straight face – that there was "zero inflation" last month is gaslighting at an extreme level, and insulting, and thoughtless, and I do not think it will go over well with non-ideologues.
— Rudy Havenstein, Senior Assistant Prebunker. (@RudyHavenstein) August 10, 2022

Tricia Flanagan wrote:

It’s actually 8.5% inflation in July NOT “ZERO”, Joe.

This misunderstanding of basic economics is sad, misleading & dangerous. pic.twitter.com/LGSlfkgJmq
— Tricia Flanagan (R-NJ) (@NewDayForNJ) August 10, 2022

US Senator Lindsey Graham (R-SC) commented:

He hasn’t tried to order something online and receive it in the same year he placed the order.

How out of touch can you be? Sad and dangerous.
— Lindsey Graham (@LindseyGrahamSC) August 10, 2022

Republican Leader in the California US House of Representatives Kevin McCarthy tweeted:

President Biden just said “our economy had zero percent inflation in the month of July.”

Gas ↑ 44%
Airfare ↑ 27%
Groceries ↑ 13%

While you continue to pay for his failures, Biden owes the American people the truth about inflation. pic.twitter.com/RucTHkSksG
— Kevin McCarthy (@GOPLeader) August 10, 2022

Citing efforts by the US government to redefine the technical definition of “recession”, Townhall.com managing editor Spencer Brown wrote:

The White House already tried to redefine "recession" and now they expect Americans to believe that the 8.5% annual CPI number reported for July is "zero inflation." Unreal.
— Spencer Brown (@itsSpencerBrown) August 10, 2022

Meanwhile, with 8.5% CPI data for July, cryptocurrencies have reacted very positively. As of press time, Bitcoin is up 6% and trading near $24,300 while ETH is up over 11% and trading at $1,890. ETC also saw a 2-digit increase with the news of the Goerli testnet Merge successful.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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