(PresidentialHill.com)- Before he flew off on his weeklong island vacation off the coast of South Carolina, President Biden decided to take a little victory lap over the July inflation numbers ticking down slightly from 9.1 percent in June to 8.5 percent. And according to old Joe, the July inflation rate was zero.
Now, perhaps old Joe was trying to say that there was zero increase in inflation during July. But even that doesn’t account for gas prices being 44 percent higher in July than they were a year earlier or food prices 10.9 percent higher.
Inflation is still hovering near a 40-year high. The slight drop in the rate year-over-year was due largely to a drop in demand for gas as Americans, hit hard at the pump, drove less.
Grocery prices increased at their fastest pace since 1979, but Joe Biden is so desperate for a win, he claimed that his economic plan is working.
Economists believe the slight decrease in inflation shows a drop in economic activity now that we are in a recession.
Last Wednesday, former Clinton Treasury Secretary Larry Summers warned that the risk of a broader economic crisis remains very high and cautioned against downplaying the current inflation crisis.
Summers said many macro-economic indicators suggest that things might get worse.
Former Clinton Treasury Sec. Larry Summers: “We have a very serious inflation problem"
“We’re likely to have some quite turbulent times ahead” pic.twitter.com/luFbaIXHiW
— RNC Research (@RNCResearch) August 10, 2022