Biden Announces Zero Inflation
He would know, wouldn’t he?
The President took to the podium on Wednesday (8/11) to announce a number: “Zero.”
Inflation was zero in July, he said.
You could count us among the surprised. After all, we’ve been to the grocery store. But who are you going to believe, the President or your lying eyes?
Then to add to the confusion, we read this morning that at the end of July grocery prices were up 13.1 percent from last July. The price of eggs alone has nearly doubled and coffee is up $1.50 a pound.
What a way to start the morning. Makes it hard to enjoy breakfast.
Still, the President has Bidenflation zeroed out. We wish we could remember who said it, but someone on TV wondered why, with zero inflation, we need the Inflation Reduction Act of 2022 along with 87,000 more IRS agents.
Then someone else asked why shouldn’t we have zero inflation since despite two consecutive quarters of a shrinking economy we have zero recession.
Next, while still choking down breakfast, we read that producer prices rose 9.8 percent for the 12 months ended in July. Producer prices are wholesale prices. They are soon going to show up in consumer prices. And that’s not good.
So how does the President get his zero inflation bragging rights? Simple. Gas is down from its all time high of just a couple of weeks ago. And why is gas down? Because American families have had to radically adjust their gas consumption and driving. That and the “zero recession” slowing economy.
So other stuff is way up, while gas is down – no thanks to the White House, but due to a lowered standard of living. And then we read that 30 percent of Americans are using credit cards and loans to meet their spending needs. Even as the President and the Vice President are crowing about zero inflation.
What can you do? Buy gold and silver while the Deep State Money Manipulators at the Fed and the spin people in the White House are on the loose.
And how was your breakfast?