Following the Biden administration’s declaration that his economic plan was “working” despite year-over-year inflation remaining extraordinarily high, he received a slew of negative feedback on social media.
On Wednesday, President Joe Biden discussed the most recent inflation report from the White House.
“I’d want to make a comment about the news that came out today in terms of the economy. In actuality, all I want to say is a number: zero,” Biden remarked.
“Today, we learned that our economy had zero percent inflation in July. Zero percent. Here’s how that affects things. While the cost of certain items rises, the cost of other items went down by equal amounts,” he went on to say.
“It resulted in zilch inflation last month,” Biden said. “But people are still hurting. But there’s been no inflation this month.”
Biden noted that the low unemployment rate and an increase in employment last month proved that his economic approach was effective.
“Our efforts are far from over, but there should be two things obvious,” Biden added.
First, the economic plan is successful, and second, we’re creating an economy that rewards hard work. This month’s pay raises hope, and provides an opportunity for individuals to advance their lives, and yet there is still plenty of work to be done.
On social media, many viewers took issue with Biden’s statement that inflation was zero percent based on the month-to-date rate, which completely disregarded the year-over-year figure, which remained exceptionally high.
Polls have shown that people are hurting from high inflation, and they blame the Biden administration’s excessive spending policies to a far greater extent than other contributors, such as the Ukrainian conflict and pandemic lockdown.
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