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Biden repeats lie that inflation ‘was at 9% when I came in’ as president

WASHINGTON — President Biden once more claimed Tuesday that the annual US inflation price was 9% when he took workplace in January 2021 — when it really was 1.4% and didn’t cross 9% till 17 months into his time period — as he tried to deflect public disenchantment with the economic system.

The 81-year-old president made the wrong assertion when requested throughout a brief interview with Yahoo Finance why households don’t really feel very “wealthy” proper now.

“I think inflation has gone slightly up. It was at 9% when I came in and it’s now down to about 3%,” Biden claimed, illogically.

President Joe Biden makes remarks on American Investments and Jobs at the White House in Washington, DC, May 14, 2024
President Biden once more claimed Tuesday that the annual US inflation price was 9% when he took workplace in January 2021 — when it really was 1.4% and didn’t cross 9% till 17 months into his time period. AFP through Getty Images

“But the fact is, I think people are just uncertain. And that’s why we got to be steady, stay the course and continue to produce these incredible job [sic].”

Biden added: “And by the way, the pay for the jobs are outpacing the inflation rate that they’re paying. We’re gonna be able to deal with this. It’s gonna take a little more time, but we’re just focused on it.”

Contrary to the president’s declare, median weekly wages haven’t stored up with the worst inflation in a era, according to the most recent quarterly information revealed by the Bureau of Labor Statistics.

The White House didn’t instantly reply to The Post’s request for touch upon the discrepancy.

Biden final Wednesday additionally claimed inflation “was 9% when I came to office” throughout an interview with CNN host Erin Burnett, although the annual inflation price didn’t exceed that threshold till June 2022, a rise not seen for the reason that early Nineteen Eighties.

Fresh inflation figures for April will probably be launched Wednesday morning, after the annual price of worth will increase remained at a stubbornly excessive 3.5% for March.

A general view of a now hiring sign as seen at a burger joint in Fair Lawn, NJ on July 19, 2023
The 81-year-old president made the wrong assertion when requested throughout a short interview with Yahoo Finance why households don’t really feel very “wealthy” proper now. Christopher Sadowski

Biden has persistently sought to shift blame for inflation over the previous a number of months.

“Do I take any blame for inflation? No,” Biden mentioned in February 2023.

“Because it was already there when I got here, man.”

The White House has sought in charge elements such as COVID-19-induced provide chain disruptions and Russia’s February 2022 invasion of Ukraine, whereas Biden critics level to massive spending payments handed within the first months of his time period.

Prominent Democratic economists Steven Rattner and Larry Summers have blamed inflation on huge packages handed below Biden — with Rattner calling the $1.9 trillion stimulus legislation handed in March 2021 the “original sin” of the inflation surge.

Economic frustrations over costs and excessive rates of interest are dragging on Biden’s bid for a second time period forward of an anticipated rematch towards former President Donald Trump in November.

The cumulative impact of inflation below Biden has brought about the common shopper value of products and companies to soar more than 19% since he took workplace, based on Bureau of Labor Statistics information.

President Joe Biden makes remarks on American Investments and Jobs at the White House in Washington, DC, May 14, 2024
“I think inflation has gone slightly up. It was at 9% when I came in and it’s now down to about 3%,” Biden claimed, illogically. Chris Kleponis – CNP / MEGA

By comparability, inflation throughout Trump’s 4 years in workplace resulted in common costs rising by about 8%, or roughly 2% per yr.

The Federal Reserve, which raised rates of interest in response to the inflation disaster, was anticipated to start chopping rates of interest this yr, however unexpectedly persistent inflation has delayed the timeframe.

Average credit score card rates of interest at the moment are 27.65% — almost double the 14.6% common when Biden took workplace — leading to a big enhance in shopper debt, and typical 30-year house mortgage charges have spiked from 2.65% to more than 7%, crippling the true property market.

An ABC News/Ipsos ballot this month discovered that simply 32% of Americans say they trust Biden to deal with the economic system, whereas 46% say they belief Trump.

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