The Biden administration faced an onslaught of online criticism after saying that his economic plan was “working” despite the year-over-year inflation figure remaining historically high.
President Joe Biden addressed the newest inflation report on Wednesday from the White House.
“I want to say a word today about news that came out today relative to the economy. Actually I just want to say a number: zero,” said Biden.
“Today we received news that our economy had zero percent inflation in the month of July. Zero percent. Here’s what that means. While the price of some things go up, went up last month, the price of other things went down, by the same amount,” he continued.
“The result is zero inflation last month,” Biden added. “But people are still hurting. But zero inflation last month.”
Biden went on to say that the low unemployment rate and an increase in jobs added last month showed that his economic policies were working well.
“Our work is far from over but two things should be clear,” said Biden.
“First the economic plan is working and second is building an economy that will reward work. Wages are up this month, provide opportunity, help the middle class and still have work to do but we’re on track,” he added.
Many on social media took Biden to task for claiming that inflation was zero percent based on the monthly inflation figure that completely ignored the year-over-year figure that remained historically high.
While Biden may believe his policies are working, the voters do not. Polls have shown that Americans are hurting from high inflation and they blame the high spending policies of the Biden administration far more than other contributors, such as the war on Ukraine and the pandemic lockdown.
Here are Biden’s comments on the inflation fiasco:
Biden Says There Was ‘Zero Inflation’ in July