Inflation Trends
This is the latest In Fact. Click the left arrow for earlier ones.President Biden claims that “inflation was skyrocketing” when he “took office” and “we have dramatically reduced inflation from 9% down to close to 3%.”
IN FACT, inflation was 1.7% in the year before Biden took office, half the current rate of 3.4%.
Seven weeks after taking office, Biden and the Democrats passed $1.9 trillion in added social spending, a primary driver of inflation. Then four months later — after inflation had reached 5.3% and was headed to 9.0% — Biden said that “no serious economist” is “suggesting there’s unchecked inflation on the way.”
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