Tipsheet

New Inflation Numbers Pummel Biden's Economic Claims

Katie Pavlich
Katie Pavlich  |  March 12, 2024 9:15 AM

Contrary to the Biden administration's repeated claims, inflation is on the rise and went up again in February. 

"The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in February on a seasonally adjusted basis, after rising 0.3 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment," the U.S. Bureau of Labor Statistics released Tuesday morning. "The index for shelter rose in February, as did the index for gasoline. Combined, these two indexes contributed over sixty percent of the monthly increase in the index for all items. The energy index rose 2.3 percent over the month, as all of its component indexes increased."

"The index for all items less food and energy rose 0.4 percent in February, as it did in January. Indexes which increased in February include shelter, airline fares, motor vehicle insurance, apparel, and recreation," BLS continued. 

During his State of the Union address last week, Biden falsely stated inflation "keeps coming down." 

Consumer protection and job creator advocates are responding the the numbers. 

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"Inflation accelerated again last month, destroying the narrative that inflation is under control. Inflation remains elevated due to Democrats continued reckless spending, and President Biden's budget released Monday shows Democrats have no intention to control spending needed to reduce price acceleration. In contrast to Biden's claim that he's reduced the deficit, Democrats under his leadership have entrenched near $2 trillion annual deficits when the economy is supposedly running at full capacity. Ordinary Americans and small businesses are paying the price in terms of far higher costs on everyday items," CEO and President Alfredo Ortiz, released in a statement Tuesday. 

"Since inflation is rising faster than wages once again, living standards are also declining. This ongoing high inflation means that the Federal Reserve will likely have to delay interest rate cuts, making credit far more expensive and continuing the small business credit crunch. And today's price increases are coming on top of the historic ones that have already occurred under Biden, exacerbating the cost-of-living increase felt by all Americans. The only inflation solution aside from a recession is to meaningfully cut government spending immediately," Ortiz continued. 

On Monday the White House touted the monstrous, $1.9 trillion American Rescue Plan as a success. In reality the bill, which was passed solely by Democrats, sent inflation through the roof.