On Wednesday, President Joe Biden signed the Promises to Address Comprehensive Toxics (PACT) Act into law to expand VA health care and benefits for veterans exposed to toxic burn pits during their military service. During his remarks at the bill signing, Biden also attempted a self-aggrandizing victory lap following the release of the July Consumer Price Index that showed inflation remaining near 40-year highs.
Biden proudly tried to claim that there was “zero percent inflation during the month of July” and said that the economy is “moving in the right direction.” Never mind, apparently, that the U.S. is in a recession.
BIDEN: "Today we received news that our economy had 0% inflation in the month of July." pic.twitter.com/RV2cfEOaOO
— Townhall.com (@townhallcom) August 10, 2022
“I want to be clear – from the global challenges we face from the war in Europe to the disruption of supply chains to pandemic shutdowns in Asia, we could face additional headwinds in the months ahead,” Biden warned, giving himself room should the economy continue to flounder.
He also claimed that his administration’s economic plan is “working” and that “wages are up.” But, as Townhall has repeatedly covered, Biden still has not built America "back" to where it was before the pandemic, let alone "better." In the last year, Americans' real wages are actually down more than three percent when inflation is compared to wage growth.
BIDEN: "The economic plan is working...wages are up...we're on track." pic.twitter.com/rjhHsBVcab
— Townhall.com (@townhallcom) August 10, 2022
Simultaneously, White House Press Secretary Karine Jean-Pierre said on Twitter that the price of “some things” went up, but not gas prices or clothes. But bragging about a 0.1 percent monthly decrease in clothing costs when apparel prices are up 5.1 percent annually is a pathetic attempt to invalidate Americans' hardship.
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We just received news that our economy had 0% inflation in July. While the price of some things went up, the price of others, like gas, clothing, and more, dropped.
— Karine Jean-Pierre (@PressSec) August 10, 2022
In fact, the current drop in gas prices is the fastest in a decade – saving American families with two cars $106 per month on average.
— Karine Jean-Pierre (@PressSec) August 10, 2022
White House Economic Adviser Jared Bernstein also said Wednesday morning that inflation went up zero percent in July.
"This is the first month in over a year that inflation did not go up," he said in an interview with Fox News.
WH Economic Advisor Jared Bernstein:
— Townhall.com (@townhallcom) August 10, 2022
"Inflation went up 0% in the month of July." pic.twitter.com/iBag0Fe3Tc
Spencer reported Wednesday that inflation “remained stagnant” in July and that most prices are at 40-year annual highs. While prices for gas decreased slightly from earlier this summer, prices for other essentials, like food, shelter and clothing, remain at record highs.
By the numbers, the gasoline index dropped 7.7 percent in July — yet is still 44 percent higher in the last 12 months — but the electricity index edged up 1.6 percent in July that means Americans are paying more than 15 percent more for electricity in the last year, the largest annual increase since February 2006.
Shelter increased half a percentage point last month, rising to 5.7 percent over the past 12 months. Food increased more than one percent and sits at the largest yearly increase since Jimmy Carter’s presidency.
Meanwhile, the food index rose more than one percent in July and the prices Americans pay for food overall are up 10.9 percent in the last year — the largest annual increase since May 1979. The cost for food at home is still up more than 13 percent in the last year, that metric's largest increase since March of 1979.
As for wages, Spencer noted how July’s jobs report showed wage growth at 5.2 percent. This figure trails record-high inflation rates and Americans continue to live paycheck-to-paycheck. And, the Senate passed the Inflation Reduction Act, spearheaded by Democrats, that will raise taxes and direct funding toward "green" energy.
Guy noted how Democratic Sen. Bernie Sanders (VT) said on the Senate floor that the Act will have "minimal impact on inflation."
BERNIE SANDERS: The “so-called Inflation Reduction Act...will, in fact, have a minimal impact on inflation.”pic.twitter.com/gE9H2cJIgg
— RNC Research (@RNCResearch) August 7, 2022
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