November is coming fast, and the presidential election with it. Will Americans ignore Joe Biden’s record on inflation? In the New York Post, James Bovard discusses Biden’s record on inflation, writing:
On Wednesday, the latest Consumer Price Index report showed that inflation slowed slightly in April but prices continued to rise nearly 4% for the year.
President Biden took his 23rd victory lap on this issue, proclaiming that “fighting inflation and lowering costs is my top economic priority.”
But how should people judge a victory proclamation by a general that had pointlessly lost 20% of his army — the amount of purchasing power the dollar has declined since he took office?
Team Biden is pretending that the nation — and Biden’s re-election campaign — has made it out of the woods.
But the Labor Department reported on Tuesday that the producer price index is rising at a rate of 6% a year, a foreboding omen of future price hikes.
Biden has spawned the highest rate of food inflation since the Nixon administration but he scoffed when a CNN interviewer recently asked him about the 30% rise in grocery prices.
Biden ridiculously declared of consumers, “They have the money to spend!”
According to Biden, “shrinkflation” — adjusting for inflation by selling smaller products for the same price — is a worse crime than anything his administration inflicted on the American people. Save the size of a Snickers!
Biden is seeking to “fix” inflation the same way he “solved” other debacles: with brazen lies that presume his listeners are either idiots or NPR junkies.
Actually, the rate was 1.4% — barely a third of the current annualized rate based on last month’s data.
Can Biden bluster past the inflationary political graveyard? Biden’s credibility is one of the few things that has deteriorated even faster than the value of the US dollar.
Action Line: Americans can feel Bidenflation at the dinner table (see my chart of food inflation below). They know it’s there. The question is, will they vote for more of the same? Click here to subscribe to my free monthly Survive & Thrive letter.
