Biden stated in a speech that it will require time to return prices to average limits, and there may be bumps along the road, but we will continue to assist families with the expense of living.
Biden Lies About Inflation
In October, the Labor Department’s index of consumer prices increased by 0.4%. The Consumer Price Index (CPI) has increased 7.7 percent annually.
In October, domestic food prices increased by 0.4%, which is less than the 0.7% increase in August and September but still an increase.
Biden presented the information in a positive light, stating that it was a much-needed pause in local supermarket inflation as we approach the festive season.
He advised patience, stating that progress is being made in reining in inflation.
Biden’s statement was drastically different from the one he conveyed to the American people last year when he declared that inflation was “momentary.”
Throughout a media briefing on Wednesday at the White House, the president sounded more skeptical about his capacity to reduce inflation
He stated that he cannot promise that he will be able to eliminate inflation, but he believes he will be able to.
PROOF everything said before the Mid-terms about "INFLATION REDUCTION ACT" by BEIJING BIDEN was a FLAT OUT LIE…..but we already knew it was!! pic.twitter.com/VuWAjDZ5lj
— The Strong 71 (@TheStrong1971) November 10, 2022
Biden recommended as a remedy more government efforts to support Americans in paying their monthly expenses and stated that it will take time for his previous initiatives to combat inflation to take effect.
He stated that they are reducing all of these expenses and that they’ve e already passed the necessary law; it’s currently taking effect.
Treasury Secretary Janet Yellen stated on Friday that she is unsure if the rate of inflation has reached its highest point and will not ramp up again, evidently in an effort to tone down anticipations after a government study revealed inflation publishing lower than markets had anticipated, resulting in a surge in stock prices.
Yellen said in a statement in New Delhi, India, on November 11, that she doesn’t know if this is a turning moment a day after the Commerce Department reported a reduced annual rate of U.S. inflation.
Why does Biden keep claiming there is zero inflation when in reality we have the highest inflation rate in the past forty years?
The Biden-Harris Administration lies about everything! pic.twitter.com/EnPoNQXwgH— bijay mishra (@bkmshr) November 10, 2022
Leading up to the release of inflation figures, market predictions pegged the rate at 8%; the report’s release sparked a significant rise on Wall Street.
The better-than-expected price statistics spurred market speculation as to whether inflation has crested and whether upcoming reports will reveal a series of monthly reductions.
The View From the Fed…
Yellen, however, clearly stated, as did a number of market observers, that it is not prudent to place too much stock in a solitary inflation report.
Yellen said that she never collects more than one piece of data. This is a single data point.
She stated that it was pleasing to receive an inflation report arrive on the low end of forecasts rather than the high end. she added that there have been some initial reports that inflation may be declining, although she did not elaborate.
