If at first you don’t succeed, lie, lie again, seems to be the Joe Biden plan on how to cure inflation and get the economy growing again.
On Wednesday, Biden said after a report that showed consumer prices staying the same in July that there are signs that "inflation may be beginning to moderate," according to a Reuters report picked-up by our friends at NewsMax.
"People were still hurting, but zero inflation last month," he said.
The producer price index, used to measure inflation before consumers see it, dropped by 0.5% from June to July, marking the first decline since April 2020, according to reports Thursday. However, as Sandy Fitzgerald writing for NewsMax pointed out, the inflation numbers show a 9.8% jump from July 2021 until now, suggesting inflation will continue.
And Republicans, including New York’s Rep. Claudia Tenney were not about to let Biden get away with his blatant lying about the economy.
"I've never seen the prices like this in my lifetime, even under Jimmy Carter," Tenney said. "They want to look by month to month [so] that it appears on a static number that it's low, but the actual pain to the consumers is a lot higher."
Tenney also on Thursday discussed the upcoming House vote on the Biden administration's Inflation Reduction Act, saying she hopes some Democrats "step up" and vote against it, reported Sandy Fitzgerald.
"If you were to look at this so-called Inflation Reduction Act, it's actually the opposite when you're in the situation we're in," Tenney told NewsMax, as the United States not only has high energy costs but is lagging in energy production.
"What the Democrats have done is exactly what we shouldn't be doing: raising taxes, taxes on the lower and middle-income taxpayers and hiring 87,000 more weaponized bureaucrats from the IRS," she said, adding that the lower-and middle-income Americans will be the targeted.
"They're not going after the billionaires and the wealthy people because they can afford lawyers," Tenney said. "They're going to go in and shake down people who can't afford it."
But the inflation numbers aren’t the only danger sign for the Biden economy lurking in the government’s latest statistics.
Initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 262,000 for the week ended Aug. 6, the Labor Department said on Thursday. Economists polled by Reuters had forecast 263,000 applications for the latest week.
The number of people receiving benefits after an initial week of aid increased 8,000 to 1.428 million during the week ending July 30. The so-called continuing claims are a proxy for hiring.
There were 10.7 million job openings at the end of June, with 1.8 openings for every unemployed worker, Reuters reported.
This rise in unemployment should surprise no one, but telling the truth about the employment situation and the rising numbers of unemployed isn’t in the cards for the Joe Biden White House.
Back in June Nate DiCamillo, writing for Quartz, reported the Federal Reserve had called an end to the job market recovery as it struggles to tame inflation. The central bank raised interest rates by three-quarters of a percentage point to 1.6%, the highest hike since 1994, and its officials are now predicting unemployment will rise for the next three years.
However, Karine Jean-Pierre, Biden’s Press Secretary said about the same time, "That is not how we're seeing the American Rescue Plan. … We have to remember what the president walked into. When he walked into this administration, the economy was at a standstill. Schools were closed. Businesses were shutting down. Twenty million people were on unemployment insurance benefits. That is what he walked into."
Jean-Pierre was lying, and so outrageously that even the Left-leaning Austin American-Statesman fact checked her statement as FALSE: On the eve of Biden’s inauguration, the number of Americans collecting continuing unemployment insurance was a little under 4.9 million. That was still higher than the typical level prior to the pandemic — about 1.8 million — but less than a quarter of the 20 million figure that Jean-Pierre cited.
CHQ Translation: As usual, the Fed will tame inflation on the backs of the people who can least afford to be laid-off – the newly hired, the lower skilled and those already out of work and seeking a new job. The next three years are going to be a rough ride for many of America’s working families and no amount of lying by Biden and his mouthpieces are going to soften the blow.
Nancy Pelosi
Inflation reduction act
inflation acceleration act
inflation rate
government spending
inflation
energy production
87,000 IRS agents
unemployment claims