Today, Joe Biden demanded private companies “[bring] their prices back down as inflation has come down.”
There is so much wrong with such a moronic take.
Let me be clear to any corporation that hasn’t brought their prices back down even as inflation has come down: It’s time to stop the price gouging.
— Joe Biden (@JoeBiden) November 30, 2023
Give American consumers a break.
“Inflation,” as defined by the U.S. Federal Reserve, “is the increase in the prices of goods and services over time.”
The latest Consumer Price Index shows inflation last month was up by 3.2 percent over last year — or 60 percent higher than the Fed’s target rate of two percent. That means prices are still rising, just not as fast as they were when inflation reached its 40-year high last June.
The inflation from previous periods — and associated price hikes — are still present. Since Biden took office, Americans have seen a 17.6 percent price hike overall, with food prices up 20.9 percent, rent up 18 percent, and electricity up 24.7 percent — contributing to a three percent real pay cut.
“Deflation,” according to the Fed, is “a decline in the general price level across the economy” — and that’s not happening.
Prices are astronomically high under Biden, and Americans know it — because they see it every single day.
No amount of gaslighting — or lack of an elementary understanding of basic economics — will change that fact.
