President Joe Biden Criticized When Claiming Zero Inflation In July

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.

Representative Mike Bost (R-IL) tweeted:

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:

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:

Rudy Havenstein says:

Tricia Flanagan wrote:

US Senator Lindsey Graham (R-SC) commented:

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

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

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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Harold

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