(STREAM) – President Biden continues to insist that the economy is growing like crazy, and his policies are to credit for it, despite the fact that we are in a recession, but only if you use the definition of “recession” that until he came along was the universal definition of “recession.”
He also claimed that there was no inflation in July, just because for once inflation didn’t increase from the previous month, mostly because of a drop in gas prices that’s largely due to draining our strategic petroleum reserve and prices being so high that most people curtailed their driving. (They’re still about a dollar higher per gallon than when Biden took office, though.)
However, in response to the news, stock prices took another plunge as Biden’s own Labor Department undercut his economic fairy tales by reporting that inflation rose more than expected in August. The consumer price index rose 8.3% from one year ago and 0.1% from the previous month. Economists had predicted an 8.1% yearly rise and a monthly price decline of 0.1%. Gas prices are down, but food prices continue to rise. Grocery prices were up 0.7% just since July, and restaurant prices rose 0.9% from the previous month.