President Joe Biden is attempting to spin new and horrendous inflation numbers as "progress."
"Today’s data show more progress in bringing global inflation down in the US economy. Overall, prices have been essentially flat in our country these last two months: that is welcome news for American families, with more work still to do," Biden released in a statement Tuesday morning. "Gas prices are down an average of $1.30 a gallon since the beginning of the summer. This month, we saw some price increases slow from the month before at the grocery store. And real wages went up again for a second month in a row, giving hard-working families a little breathing room."
"It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy. And my economic plan is showing that, as we bring prices down, we are creating good paying jobs and bringing manufacturing back to America," he continued.
But what Biden says is insulting and untrue as grocery prices are up by 13 percent, along with all essential goods.
Wow. Keep an eye on skyrocketing food costs.— Heather Long (@byHeatherLong) September 13, 2022
"The food index increased 11.4% over the last year, the largest 12-month increase since the period ending May 1979."
Inflation this past year of 8.3% stuck near a 40-yr high.— Joel Griffith (@joelgriffith) September 13, 2022
Gas prices are down, but here's why Americans are still feeling the sting of inflation:— Heather Long (@byHeatherLong) September 13, 2022
Food at home up 13.5% in past year - largest since 1979
Rent is up 6.7% in past year - largest since 1986
Electricity up 15.8% - largest since 1981
Health insurance 24.3% - largest ever inc
Overall, the numbers came in hotter than expected and wage growth is negative. On average, gas prices when Biden took office were $2.39 per gallon. The "Inflation Reduction Act" doesn't reduce prices for American families, it makes them worse. Democrat Senator Joe Manchin admitted this fact after helping Biden and Majority Leader Chuck Schumer push it through.
VAUGHN: "Is it misleading to call it the Inflation Reduction Act when it won’t make their grocery bill cheaper or everyday goods cheaper for them immediately?"— Daily Caller (@DailyCaller) August 17, 2022
MANCHIN: "Why would it...We haven’t said anything happens immediately to turn the switch on and off." pic.twitter.com/NaiULvfHyy
BREAKING: CPI comes in hotter than expected…. Futures tumble. Rick Santelli reports: pic.twitter.com/EJlw6rKm3z— Squawk Box (@SquawkCNBC) September 13, 2022