0% from June 2022 to July 2022 literally means no economic growth and we still saw increases in necessities during that time period.
I wrote that there is literally nothing to celebrate in the inflation report.
We need to remember there are two parts to the Consumer Price Index numbers: Month-to-month and 12-months.
Experts and citizens usually concentrate on the 12-month numbers. I’m a nerd, so I also look at month-to-month.
(I’m writing out the month and years to keep things in perspective. Every detail is important.)
I knew Biden would grasp that America had 0% inflation from June 2022 to July 2022.
Biden didn’t lie in the video in the below tweet. He didn’t falsely claim anything.
Instead of hammering him for what he said, the right should hammer Biden for what he did NOT say. Biden left out facts and other parts of the CPI report that prove inflation is still very much alive.
The math came out to 0% during that time period:
BIDEN: “Please — please have a seat. Danielle, thank you. Before I begin today, I want to say a word about the news that came out today relative to the economy. Actually I just want to say a number, zero. Today, we received news that our economy had 0 percent inflation in the month of July, 0 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. The result, zero inflation last month. But people are still hurting. But it’s zero inflation last month.”
Biden: "Before I begin today, I want to say a word about the news that came out relative to the economy. I want to say a number. Zero. Today, we received news our economy had 0% inflation in the month of July. 0%." pic.twitter.com/wNfR8jRIQj
— Tom Elliott (@tomselliott) August 10, 2022
Biden forgot to mention another result: ZERO economic growth. The 0% from June 2022 to July 2022 means nothing because the economy didn’t grow at all.
I am shocked Biden didn’t mention that inflation only grew 8.5% from July 2021 to July 2022, a decrease from 9.1% from June 2021 to June 2022.
Then again, maybe someone in the White House knew Biden would get blasted because the 0.6% decrease is nothing when you remember that wages only grow at a 5.2% rate while real wages decline.
Also, the basics most people buy at the grocery store every week have gone through the roof in the past 12 months:
- Eggs: +38%
- Flour and prepared flour mixes: +22.7%
- Uncooked ground beef: +9.7%
- Fresh and frozen chicken parts: +18.6%
- Milk: +15.6%
- Fruits and vegetables overall: +9.3%
- Oranges: +14%
- Bananas: 7.4%
- Potatoes: +13.3%
- Coffee: +20.3%
- Sugar and sugar substitutes: +13.3%
- Butter: +22.2%
- Peanut butter: +13.1%
- Pet food: 10.9%
This is why I try to include everything in the CPI reports. Both sides will cherry-pick and spin the details to fit their agenda.
No, Biden did not lie in the video. He did not falsely claim about 0% inflation in July. He didn’t tell the whole truth or expand on the whole CPI report.
Zero economic growth whether it’s month-to-month or yearly is not something anyone should celebrate.DONATE
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