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Even if that were true, it would only mean the inflation rate held at 8.5%. You would not say jobs market was at 0% unemployment, just because it remained unchanged at 8.5%
It is true. CPI change was 0% in July. For heaven's sake look on any news source. Biden is speaking facts. And NO the rate is not 8.5%. That is how much more the basket of goods cost compared to what it was last year. Simple concepts. Even a demented old president can get them right.
They did mention that on a Month over Month basis it was 0%, but we don't track Inflation Month over month. As for some other indicators on the Ecomony.
Quote:
Energy costs slowed for the month of July, falling 4.6%, although they remained 32.9% higher than a year before. Gasoline prices dropped by 7.7% month over month, providing some relief for drivers, but they were still 44% higher than the year before.
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However, food costs continue to jump sharply, increasing by 1.1% over the month and rising 10.9% on a year-over-year basis, the largest increase since May 1979. Food at home spiked by 13.1% on a year-over-year basis.
So Energy costs 32.9% higher than a year ago, gas 44% higher than a year ago. And food costs still increased 1.1%, and 10.9% on a year-over-year basis...the largest increase in over 40 years.
And why is gas down? Well, it isn't because supply is up. He went to Saudi Arabia and was basically told to go pound sand. The reason it is down is that demand is down. If the economy was strong we would not be seeing decreases in demand over the peak Summer Travel season.
But yea...I guess Biden is a genius and the economy is the strongest it's ever been. Or at least I am sure that's what he will tell us next month if he signs the "Inflation Reduction Act".
It is true. CPI change was 0% in July. For heaven's sake look on any news source. Biden is speaking facts. And NO the rate is not 8.5%. That is how much more the basket of goods cost compared to what it was last year. Simple concepts. Even a demented old president can get them right.
So it is INFLATED 8.5% not 0. Prices have not returned to what they were last year.
He is exactly correct in what he said. The rate of inflation as expressed in the Consumer Price Index fell to ZERO in today's report. Read it again: 0% rate of inflation. There was no net increase in prices from June to July in the basket of items used in computing the CPI. The 8.5% is the amount that prices are higher this month than they were the same month last year. That is not the rate unless you divide it by the number of months. That rate is up of course as it reflects increases over the entire year. But it is down from what it has been significantly.
All in all, today's inflation numbers beat even the more optimistic projections and indicate that inflation may well have peaked.
Month-to-month inflation is a meaningless metric for economically ignorant people. Thank you for pointing out that Joey is economically ignorant.
So it is INFLATED 8.5% not 0. Prices have not returned to what they were last year.
Some have. Lumber for example. Wholesale lumber is roughly what it was just before the pandemic hit. Supply side issues that, IMO, are at the root of the inflationary spiral this year are clearing up. Inflation is subsiding. It will be a non-issue sooner than many expect. Will we get a recession in its place? IDK. The economy continues to look hot - probably too hot to the Fed.
It is true. CPI change was 0% in July. For heaven's sake look on any news source. Biden is speaking facts. And NO the rate is not 8.5%. That is how much more the basket of goods cost compared to what it was last year. Simple concepts. Even a demented old president can get them right.
The inflation rate was unchanged from it's extraordinarily high reading. That doesn't mean we aren't experiencing inflation. The way economic ignoramus Joe put it, it sounds like he knows as much about the economy as the average American. But Joe is supposed to be playing the part as the president, not average lunch pale Joe. Actually, it would be considered a good day for Joe if he actually did sound as smart as the average American for a change.
Some have. Lumber for example. Wholesale lumber is roughly what it was just before the pandemic hit. Supply side issues that, IMO, are at the root of the inflationary spiral this year are clearing up. Inflation is subsiding. It will be a non-issue sooner than many expect. Will we get a recession in its place? IDK. The economy continues to look hot - probably too hot to the Fed.
When it comes to inflation...
Rightie says "What pandemic? I don't know nothin' about no pandemic".
It is true. CPI change was 0% in July. For heaven's sake look on any news source. Biden is speaking facts. And NO the rate is not 8.5%. That is how much more the basket of goods cost compared to what it was last year. Simple concepts. Even a demented old president can get them right.
It’s astonishing to me that anyone is still defending Biden and his whole corrupt and failing administration.
Even if that were true, it would only mean the inflation rate held at 8.5%. You would not say jobs market was at 0% unemployment, just because it remained unchanged at 8.5%
i think this is wrong. Take a look at the posting history of the person you are responding too. It is very likely they would somehow argue just that point.
Joe Biden has never been an honorable man, in fact he has always been a cheeseball racist that has profited from his position.
He has made numerous mistakes and blunders.
They have something on him.
Biden is being used as a vehicle to implement change.
Once those that are in charge of him are done with him he will be their fall guy and they will slither back into the shadows.
I think they chose him because he was the easiest to turn and is at the end of his days.
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