As Inflation Persists, Americans Simply Aren’t In The Mood For Joe Biden’s Economic Gaslighting

‘Inflation Rose Again In February,’ ‘A Sign That Inflation Remains A Persistent Challenge’

“Inflation rose again in February...” (“Consumer Prices Rose 0.4% In February And 3.2% From A Year Ago,” CNBC, 3/12/2024)

·         “Consumer prices rose 3.2% in February from a year earlier, the Labor Department said Tuesday, up slightly from economists’ expectations of 3.1%.” (“Inflation Picks Up to 3.2%, Slightly Hotter Than Expected,” The Wall Street Journal, 3/12/2024)

·         “Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Joe Biden’s re-election campaign…” (“US Inflation Up Again In February In Latest Sign That Price Pressures Remain Elevated,” The Associated Press, 3/12/2024)

·         “[T]he fastest pace since September of last year.” (CNN, 3/12/2024)

THE WALL STREET JOURNAL EDITORIAL BOARD: “The CPI for all prices rose 0.4% in the month, up from 0.3% in January after months of slower increases. This means the inflation pace for the last three months at an annual rate is faster than for the last 12 months.” (Editorial, “Hold the Inflation Champagne,” The Wall Street Journal, 3/12/2024)

Inflation ‘Remains Well Above The Fed’s 2% Goal’

AXIOS: “Consumer Price Index Comes In Hot For Second Straight Month” (Axios, 3/12/2024)

·         “[H]otter than economists would like to see.” (“Inflation Ticked Up In February As Fed Weighs Interest Rate Cuts,” The Washington Post, 3/12/2024)

“The Federal Reserve is looking for steady, reliable signs that inflation is simmering down before it cuts interest rates this year. So far, 2024 has not delivered.” (“Inflation Ticked Up In February As Fed Weighs Interest Rate Cuts,” The Washington Post, 3/12/2024)

·         “[I]t remains well above the Fed’s 2% goal…” (“Consumer Prices Rose 0.4% In February And 3.2% From A Year Ago,” CNBC, 3/12/2024)

·         “[O]fficials plainly can’t declare victory yet.” (“Inflation Ticked Up In February As Fed Weighs Interest Rate Cuts,” The Washington Post, 3/12/2024)

February’s ‘Report Dashed Hopes That Stronger-Than-Expected Inflation In January Was A Mere Blip’

“[T]he report dashed hopes that stronger-than-expected inflation in January was a mere blip.” (“Inflation Picks Up to 3.2%, Slightly Hotter Than Expected,” The Wall Street Journal, 3/12/2024)

“When January’s inflation report came in hotter than expected, Fed watchers and policymakers were quick to cite seasonal glitches and other data quirks that often come with the start of the year. But February data is supposed to be more reliable, prompting fresh questions about whether this is simply a bump in the road, or the beginning of a new trend.” (“Inflation Ticked Up In February As Fed Weighs Interest Rate Cuts,” The Washington Post, 3/12/2024)

·         “‘This debate about ‘Oh, was January special?’ I think that has now been settled. January is not special,’ said Torsten Slok, partner and chief economist at Apollo. ‘This is the reality.’” (“Inflation Ticked Up In February As Fed Weighs Interest Rate Cuts,” The Washington Post, 3/12/2024)

Core Prices Rose Again, ‘Reflecting An Increase’ From 2023

“Core prices, which exclude food and energy items in an effort to better track inflation’s underlying trend, rose 0.4% from January—more than the 0.3% economists expected.” (“Inflation Picks Up to 3.2%, Slightly Hotter Than Expected,” The Wall Street Journal, 3/12/2024)

·         “Core CPI, which economists see as a key gauge of underlying inflation, also rose 0.4% in January — reflecting an increase from more mild increases in late 2023.” (“Consumer Price Index Comes In Hot For Second Straight Month,” Axios, 3/12/2024)

·         “Plus, economists pointed to core inflation readings averaged over the past three and six months to tease out more recent trends. Both measures are climbing.” (“Inflation Ticked Up In February As Fed Weighs Interest Rate Cuts,” The Washington Post, 3/12/2024)

THE WALL STREET JOURNAL EDITORIAL BOARD: “The core inflation rate, sans food and energy, rose at 0.4% for the second month in a row, or 3.8% for the last 12 months. That’s in the opposite direction of where the Federal Reserve wants prices to go as it attempts to return to its 2% annual inflation target.” (Editorial, “Hold the Inflation Champagne,” The Wall Street Journal, 3/12/2024)

Gasoline, Fuel Oil, Groceries, Housing, And Car Insurance Are All Costing Americans More

“The report showed prices for energy goods rose 3.6% from a month earlier, a reflection of the rise in gasoline prices last month.” (“Inflation Picks Up to 3.2%, Slightly Hotter Than Expected,” The Wall Street Journal, 3/12/2024)

“The prices for some routine grocery goods have continued to rise faster than the overall inflation rate. The price of beef is up 7.4% over the past year; and the price of crackers has jumped 4.9%.” (“Inflation Ticked Up In February, Reversing Some Prior Progress,” ABC News, 3/12/2024)

“Costs for housing and gasoline were up, with those categories contributing over 60 percent of the overall month-to-month increase. The energy index rose 2.3 percent over the month before, as prices for fuel oil, motor fuel and gasoline all increased.” (“Inflation Ticked Up In February As Fed Weighs Interest Rate Cuts,” The Washington Post, 3/12/2024)

“[T]he cost of services, such as rent, car insurance and transportation keep advancing …” (“Inflation Data From CPI Report Shows Sharper Price Gains: What It Means For Fed Rate Cuts.” USA Today, 3/12/2024)

Housing Costs Are Particularly Painful, As Families Struggle With High Rents And High Mortgage Rates

“Housing was a major factor again, as has been the case for more than a year.” (“Inflation Ticked Up In February As Fed Weighs Interest Rate Cuts,” The Washington Post, 3/12/2024)

·         “Housing prices, however, came in nearly double the overall inflation, rising 5.7% over that period.” (“Inflation Ticked Up In February, Reversing Some Prior Progress,” ABC News, 3/12/2024)

·         “‘Inflation continues to churn above 3%, and once again shelter costs were the main villain. With home prices expected to rise this year and rents falling only slowly, the long-awaited fall in shelter prices isn’t coming to the rescue any time soon,’ said Robert Frick, corporate economist at Navy Federal Credit Union. ‘Reports like January’s and February’s aren’t going to prompt the Fed to lower rates quickly.’” (“Consumer Prices Rose 0.4% In February And 3.2% From A Year Ago,” CNBC, 3/12/2024)

“Meanwhile, the housing market has slowed substantially due in large part to soaring mortgage rates.” (“Inflation Ticked Up In February, Reversing Some Prior Progress,” ABC News, 3/12/2024)

·         “The average interest rate for a 30-year fixed mortgage has soared to 6.88%, rebounding after a steady decline at the end of last year, according to a report from Freddie Mac on Thursday.” (“Inflation Ticked Up In February, Reversing Some Prior Progress,” ABC News, 3/12/2024)

The Cumulative Effect Of Inflation Since President Biden Took Office Has Americans Paying Significantly Higher Prices For Food, Energy, Transportation, Housing, And More

Since President Biden took office, inflation has increased 18.6%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Grocery (food at home) prices have increased 21.2%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Food away from home prices have increased 21%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Energy prices have increased 34.6%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Prices for fuel oil have increased 62.9%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Gasoline (all types) prices have increased 38.8%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Natural gas prices have increased 30%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Electricity prices have increased 28.4%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Rental prices for a primary residence have increased 20%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Prices for used cars and trucks have increased 20.3%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Prices for new vehicles have increased 19.6%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Furniture prices have increased 15.3%. (Bureau of Labor Statistics, Accessed 3/12/2024)

·         Airline fares have increased 31.4%. (Bureau of Labor Statistics, Accessed 3/12/2024)

Yet President Biden And Democrats Continue To Shamelessly Gaslight Voters About Inflation And Prices

President Biden And Senate Majority Leader Chuck Schumer Boast About Inflation Coming Down, But In Fact Inflation Remains Above Normal, And Other Countries Are Doing Better Than The United States

SENATE MAJORITY LEADER CHUCK SCHUMER (D-NY): “No one thought it [inflation] would be this low now.” (Sen. Schumer, Press Conference, 3/06/2024)

·         SCHUMER: “President Biden will make clear that after so much adversity, America’s economy is growing, inflation is slowing, and Democrats’ agenda is delivering.” (Sen. Schumer, Remarks, 3/07/2024)

·         SCHUMER: “[T]oday it has cooled to the lowest levels since the start of the pandemic – and that means that over the last year the prices of things like milk, eggs, appliances, car rentals, and airfare have all come down. (Sen. Schumer, Remarks, 3/07/2024)

THE FACTS: “Overall inflation, as measured by the Consumer Price Index, has risen at 3% or above for 34 months in a row — the longest streak since the late 1980s and early 1990s.” (“Inflation Cooled Last Month, But Some Price Hikes Continue To Cause Pain,” CNN, 2/13/2024)

·         “[T]he latest reading is still well above the Federal Reserve’s 2% target level at a time when public frustration with inflation has become a pivotal issue…” (“US Inflation Slows But Remains Elevated In Sign That Price Pressures Are Easing Only Gradually,” The Associated Press, 2/13/2024)

“‘Falling inflation does not mean that prices are falling. In fact, prices for just about everything are still higher than they were before the pandemic,’ said Lisa Sturtevant, chief economist at Bright MLS. ‘Housing costs, in particular, are weighing on many individuals and families.’” (CNBC, 12/12/2023)

·         “‘The rate of inflation may be slowing but the damage has been done after a long stretch of rising prices,’ said Patrick Murray, the director of the independent Monmouth University Polling Institute.” (“Most In New Poll Say Inflation Has Resulted In Holiday Shopping Cutbacks,” The Hill, 12/7/2023)

“Eating continues to cost more, even as overall inflation has eased from the blistering pace consumers endured throughout much of 2022 and 2023. Prices at restaurants and other eateries were up 5.1% last month compared with January 2023, while grocery costs increased 1.2% during the same period, Labor Department data show.” (“It’s Been 30 Years Since Food Ate Up This Much of Your Income,” The Wall Street Journal, 2/21/2024)

·         “Suppose, in December of 2019, you had a weekly grocery budget of $100. At the end of 2020 your weekly grocery bill would have risen to $103.97, based on Axios' analysis of government data. Not ideal, but fairly manageable. But over the course of 2021, those prices really took off, to $110.78 that December. Then they kept soaring in the months that followed, bringing your grocery bill to $123.88 at the end of 2022. In 2023, the price of ‘food at home’ (as the Bureau of Labor Statistics calls it) kept rising, so that weekly bill was $125.51 last month.” (“A $126 Grocery Tab That Explains The Vibes Paradox,” Axios, 1/13/2024)

PRESIDENT JOE BIDEN: “Inflation keeps coming down. Inflation has dropped from 9 percent to 3 percent — the lowest in the world and [trending] lower.” (Pres. Biden, State of the Union Address, 3/07/2024)

THE FACTS: THE WASHINGTON POST’s FACT CHECKER: “This boast is no longer accurate. Biden presumably was comparing the United States with its peer countries, members of the Organization for Economic Cooperation and Development (OECD) and the Group of Seven…. [O]ther G-7 members, such as Japan, Italy and Germany, had lower inflation rates as of January. Italy’s inflation rate is below 1 percent, according to an OECD report this week.” (“Fact-Checking President Biden’s 2024 State Of The Union Address,” The Washington Post, 3/08/2024)

Schumer Is Gaslighting Voters That The Spending Spree Democrats Passed In 2021 Somehow Reduced Inflation, When In Fact It Sent Inflation Soaring To The Highest Levels In 40 Years

SCHUMER: “Three years later, it’s safe to say that these investments paid off, and that the American Rescue Plan put America and our economy on a path toward the historic recovery we’re witnessing today…. Critics argued that the American Rescue Plan would cause excessive inflation. Well, three years later, inflation has cooled to the lowest levels since the start of the pandemic, from nine percent to just below three percent, meaning the prices of things like groceries, appliances, car rentals, and airfares have all come down.” (Sen. Schumer, Remarks, 3/11/2024)

THE FACTS: “Economists largely agree that the pandemic stimulus and other spending bills Mr. Biden signed over the past two years have added to inflation …” (“An Inflation-Driven Midterm Will Not Change Biden’s Economic Focus,” The New York Times, 11/10/2022)

·         “Many economists have suggested that President Joe Biden’s stimulus package in March 2021 intensified the inflation surge.” (The Associated Press, 7/12/2023)

·         STEVEN RATTNER, Former Obama Administration Counselor to the Treasury Secretary: “The original sin was the $1.9 trillion American Rescue Plan, passed in March [2021]. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment. That has contributed materially to today’s inflation levels.” (Steven Rattner, Op-Ed, “I Warned the Democrats About Inflation,” The New York Times, 11/16/2021)

·         FORMER TREASURY SECRETARY LARRY SUMMERS: “I’m not sure that we would have the inflation if there had never been a pandemic and, even if there had been a pandemic, without the overwhelming stimulus that was applied well into recovery — during 2021.” (“Summers Says Pandemic Only Partly To Blame For Record Inflation,” The Harvard Gazette, 2/04/2022)

·         “‘The United States has had much more inflation than almost any other advanced economy in the world,’ said Jason Furman, an economist at Harvard University and former Obama administration economic adviser, who used comparable methodologies to look across areas and concluded that U.S. price increases have been consistently faster. The difference, he said, comes because ‘the United States’ stimulus is in a category of its own.’” (“Rapid Inflation Fuels Debate Over What’s to Blame: Pandemic or Policy,” The New York Times, 1/22/2022)

And Biden Is So Desperate To Deflect Blame From His Economic Policies That He’s Obsessing Over The Size Of Candy Bars And Bags Of Chips, Something Biden’s Own Administration Admits ‘Has A Very Small Impact The Overall Inflation Picture’

BIDEN: “In fact, the snack companies think you won’t notice if they change the size of the bag and put a hell of a lot fewer — — same — same size bag — put fewer chips in it. No, I’m not joking. It’s called ‘shrink-flation.’ … You probably all saw that commercial on Snickers bars. And you get — you get charged the same amount, and you got about, I don’t know, 10 percent fewer Snickers in it.” (Pres. Biden, State of the Union Address, 3/07/2024)

THE FACTS: BUREAU OF LABOR STATISTICS: “[T]he impact of product downsizing at the all commodity and services level is minimal, with an average annual effect of 0.01 percent per year, so while consumers may notice shrinkflation at the grocery store, it has a very small impact the overall inflation picture they face.” (“Getting Less For The Same Price? Explore How The CPI Measures ‘Shrinkflation’ And Its Impact On Inflation,” Beyond the Numbers: Prices & Spending, vol. 12, no. 2, U.S. Bureau of Labor Statistics, 2/2023)

U.S. SENATE AGRICULTURE COMMITTEE REPUBLICANS: “Throughout this administration, consumers have experienced increases in prices for beef and poultry products, milk and other dairy products, eggs, and staples such as flour, bread, and rice. In fact, according to USDA’s Economic Research Service, on average U.S. households spent nearly $16,000 on food in 2022, representing 11.3% of the household’s disposable income. At 11.3%, and driven by historic inflation, the household share of disposable income spent on food is the highest that it has been in more than 30 years (since 1991). Unfortunately for the administration, the large share of household income spent on food due to historic inflation in food costs is not driven by shrinkflation.” (U.S. Senate Agriculture Committee Republicans, “The Truth Behind ‘Shrinkflation,’” 3/08/2024)

Americans Aren’t Rewarding Democrats For Their Insulting Spin

‘Polls Show That Many Americans Blame Biden For The Surge In Consumer Prices That Began In 2021’

“[P]olls show that many Americans blame Biden for the surge in consumer prices that began in 2021.” (“US Inflation Up Again In February In Latest Sign That Price Pressures Remain Elevated,” The Associated Press, 3/12/2024)

“Inflation has pervaded economic sentiment since mid-2022, confronting voters daily with the price of everything from eggs to car insurance.” (The New York Times, 3/05/2024)

Polls Consistently Show Americans Strongly Disapprove Of Biden’s Handling Of Inflation And The Economy And They Blame His Policies For Making Things Worse

FINANCIAL TIMES/MICHIGAN ROSS POLL: “Higher prices for essentials such as food and housing have left American voters anxious, the latest FT-Michigan Ross poll shows, as President Joe Biden tries to convince them they are better off now than when he took office.” (“FT-Michigan Ross Poll: Why Do US Voters Not Trust Biden On The Economy?” Financial Times, 3/11/2024)

·         “The poll, conducted between February 29 and March 4, finds the bulk of respondents still disapprove of Biden’s handling of the US economy, despite the president’s claim last week that it is ‘the envy of the world’.” (“FT-Michigan Ross Poll: Why Do US Voters Not Trust Biden On The Economy?” Financial Times, 3/11/2024)

·         “The March poll shows the economic issue that most bothers the American public, and most risks hurting Biden at the ballot box, is the broad and persistent rises in prices throughout his first term.” (“FT-Michigan Ross Poll: Why Do US Voters Not Trust Biden On The Economy?” Financial Times, 3/11/2024)

·         “[R]espondents still say inflation is the most important economic issue in deciding how they vote. A big majority — 67 per cent — put inflation at the top of their list, unchanged from January, and more than double any other single issue.” (“FT-Michigan Ross Poll: Why Do US Voters Not Trust Biden On The Economy?” Financial Times, 3/11/2024)

AP/NORC POLL: “[P]eople are less satisfied by Biden’s handling of … the economy (34%) … Nearly 6 in 10 (57%) Americans think the national economy is somewhat or much worse off than before Biden took office in 2021. Only 3 in 10 adults say it’s better under his leadership.” (The Associated Press, 3/04/2024)

CBS NEWS/YOUGOV POLL: 57% of Americans rate the economy as bad and 55% say that if Biden wins another term his policies “would make the prices you pay for things” go up. (CBS News Poll, 3/03/2024)

FOX NEWS POLL: 62% of voters disapprove of Joe Biden’s handling of the economy and “just a quarter of voters today feel Biden’s policies are helping them, as almost half say they are hurting (48%) …” (Fox News Poll, 3/03/2024)

NEW YORK TIMES/SIENA POLL: A plurality of respondents (43%) said they think Joe Biden’s policies have hurt them personally and 51% rate the nation’s economy as poor. (Times/Siena Poll, 3/02/2024)

·         When voters were asked if they think the economy is better or worse than it was four years ago, 65% of respondents said worse. (Times/Siena Poll, 3/02/2024)

·         “Among registered voters nationwide, 26 percent believe the economy is good or excellent, according to polling in late February by The New York Times and Siena College.” (The New York Times, 3/05/2024)

·         “Nearly two-thirds of registered voters in the Times/Siena poll rated the price of food and consumer goods as poor.” (The New York Times, 3/05/2024)

‘People Keep Saying, “Oh, The Economy’s Getting Better Under Joe Biden” — No, It’s Not’

“Katherine Besenty, 25, graduated from college in 2020, just as the pandemic was shutting down much of the U.S. economy. She has spent the past few years bouncing between low-paying retail jobs while living with her mother in New Jersey. Mr. Biden, she said, has done little to help people like her — and at this point, she isn’t sure she will vote in November.” (The New York Times, 3/05/2024)

·         “‘I honestly really haven’t seen much of a difference in terms of me being personally affected,’ she said. ‘My job search hasn’t improved, my income hasn’t improved.’” (The New York Times, 3/05/2024)

“‘People keep saying, ‘Oh, the economy’s getting better under Joe Biden’ — no, it’s not,’ said Reed Olin, a 48-year-old Republican in Gainesville, Fla.” (The New York Times, 3/05/2024)

‘Housing Burdens Appear To Be Part Of The Sour Mood’

“Housing burdens appear to be part of the sour mood. Fifty-three percent of voters see the housing market as poor, especially younger people and those who rent their homes. More than half of homeowners, 57 percent, rated their own finances as good or excellent, compared with 36 percent of renters.” (The New York Times, 3/05/2024)

“The March FT-Michigan Ross poll shows housing costs remain the second most important economic issue after inflation in determining how people will vote on November 5, with 30 per cent of respondents listing it as one of their biggest concerns. They are having a big impact on many respondents’ financial situation. About a third list rent or mortgage payments as being the biggest source of financial stress — ranked fifth overall after food, household supplies, gas and utilities.” (“FT-Michigan Ross Poll: Why Do US Voters Not Trust Biden On The Economy?” Financial Times, 3/11/2024)

“Housing costs are top of mind for Cole Orosco, 30, an emergency medical technician in College Station, Texas, who frequently works overtime to cover living costs. His rent has risen to $1,350 a month over the past three years, from $1,089, and he despairs of buying a home at current prices.” (The New York Times, 3/05/2024)