An attempt by the White House to spin inflation news as positive was mocked and ridiculed on social media on Tuesday.
“Great news: Today’s inflation report shows annual inflation is now at the lowest level since March 2021, and less than half of what it was last June,” read the tweet from the Biden administration.
“This is giving families real breathing room,” they claimed.
The graph of the consumer price index showed inflation increasing from about January 2021 until about May 2022 when the percentage change began to fall while still remaining positive.
Critics took the White House to task for posting a graph that clearly showed inflation skyrocketing to historic heights once President Joe Biden arrived at the Oval Office.
“Not sure why the White House would tweet this chart? It shows inflation shooting up as soon as they took office…then they take credit for dropping it down from 40 year highs. Strange flex,” responded reporter Bill Melugin of Fox News.
“This is quite the self-own… just look at the timeline on the bottom of the graph,” replied Jeremy Redfern, the press secretary for Florida Gov. Ron DeSantis (R).
“Inflation slowing does not mean prices are going down. It means prices are not continuing to rise as fast,” responded reporter Ryan Saavedra. “Inflation is still twice as high as it should be.”
“The fact they released this just confirms how incompetent these clowns are,” tweeted another critic.
Others pointed out that inflation still far exceeded wage gains made during Biden’s presidency.
The president released a statement claiming responsibility for lowering the rate of increase of inflation while admitting that there was more work to do.
The Federal Reserve has raised interest rates in an attempt to tamp down U.S. consumption and drive down inflation, but the sudden increase has led a crisis in banking and plummeting housing affordability. Fed officials have said they would ease up on interest increases if inflation slowed.
“By raising rates, the Fed is trying to make you slow down your spending,” explained financial researcher Kathy Jones in August. “That happens when the cost of money goes up for a car loan or mortgage or something else you want to spend money on. At some point, you’re going to pull back.”
Here’s more about the newest inflation report:
US inflation slowed in May, prices still up 4% year-over-yearwww.youtube.com
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