Joe Biden falsely claimed that inflation was 0% last month as his administration appears to struggle with economic illiteracy.
Biden wrote, “Inflation was 0% last month – and our economy grew by more than 5% last quarter. Bidenomics.”
A fact check response from X pointed out that the PCE index showed a 3% inflation rate, and the commonly referenced CPI index indicated an annual inflation of 3.2%. (Trending: Disgraced Democrat Sued For Sexual Assault)
Joe Biden Gets Fact Checked Twice On The Same Issue… https://t.co/gHI2ZATH9A pic.twitter.com/zYA21u0l40
— AnalyzingAmerica (@AnalyzAmerica) December 3, 2023
“Tweet is referring to the PCE index, % change from the preceding month,” the fact check explained. “Inflation is normally assessed annually (12 months), however, & the Fed’s PCE goal is 2%. It is currently 3.”
Just one day earlier, Biden said, “Let me be clear to any corporation that hasn’t brought their prices back down even as inflation has come down: It’s time to stop the price gouging.”
“Give American consumers a break,” Biden added.
Again, Biden failed to understand basic economics. A fact check explained, “As long as the inflation rate is positive, prices are increasing.”
“The fact that inflation has come down to 3.2% in October means that prices are still going up, albeit at a slower rate than before,” the fact check added.
Let me be clear to any corporation that hasn’t brought their prices back down even as inflation has come down: It’s time to stop the price gouging.
Give American consumers a break.
— Joe Biden (@JoeBiden) November 30, 2023
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