https://tippinsights.com/bidenflation-soars-to-19-2-eroding-americans-purchasing-power/
President Biden, a seasoned politician, has failed miserably in tackling inflation, and it is nearly certain that he can’t wave a magic wand and tame the beast before November. So, he has embarked on an alternate strategy to pin it on Trump. The President, famous for his tales about the “bad dude” Corn Pop, calling a voter at a campaign stop a “lying dog-faced pony soldier,” the death of his uncle Finnegan due to ‘cannibalism’ in Papua New Guinea, and how the xenophobia of Indians and Japanese impede progress, keeps claiming that inflation was nine percent when he took office, even though it was 1.4%.
When President Biden first made the claim, we dismissed it like Special Counsel Robert Hur as coming from a “sympathetic, well-meaning, elderly man with a poor memory.” He has now repeated the claim several times, and we wonder why none of his economic advisors or Nobel Laureate economist friends have corrected him.
Americans know the truth, and the claim comes across as malarkey in plain Biden speak.
The dark reality of Bidenomics is 19.2% inflation under the President’s watch, which is 5.9% annually. When he took office, inflation was at just 1.4%. Since March 2021, it has stayed above the Federal Reserve’s 2% target (38 consecutive months.).
Under Biden, the federal debt has increased by $6.9 trillion. The Federal Reserve printed money out of nothing to finance his spending spree. The increased money supply without a corresponding increase in goods and services reduced the value of each dollar, causing prices to rise quickly and leading to high inflation, effectively acting as a hidden tax on everyone.