The numbers are the numbers now matter how many ways you look at it.
1.4% is just not the same as 9%.
President Biden made false claims in a recent interview that inflation was high and nearing double digits when he entered office, saying, "No president has had the run we’ve had in terms of creating jobs and bringing down inflation. It was 9% when I came to office – 9%."
In reality, inflation was at 1.4% when he was inaugurated and the Federal Reserve’s benchmark is 2%. It is worth noting that a 9% inflation rate is the highest in forty years.
Following an event in Racine, Wisconsin, President Biden gave an interview to CNN where he made claims about the economy that don’t exactly line up with what families across Suffolk County are experiencing on the ground.
President Biden doubled down on his rosy economic outlook by stating, “We’ve already turned it around” in reference to the economy that is taking a larger and larger bite out of everyone’s bank account.
Inflation numbers aren’t the only ones the President is struggling with.
He further made claims that the “polling data is all wrong” when confronted with low approval numbers. An ABC News poll in April found that 88% felt the economy was their number one voting issue and 85% said inflation was their biggest concern.
The poll showed more voters (46%) trust Trump versus Biden (32%) to handle the economy, while 44% trust Trump to handle inflation, compared to 30% who trust Biden.
Biden was pressed on his claims with facts about the cost of buying a home almost doubling and real income falling when inflation is taken into account during his time in office. Biden denied that this was true.
The current Commander in Chief leaned in on what he sees as helping people with his proposals for credit card and checking account fees.
He said, "The idea that you bounce a check and you get a $30 fee for bouncing the check, well, I changed that. You can't charge more than 8 bucks for that. Or your credit card, your late payment, $35." Politifact weighed in by reporting that the credit card rule has been enacted, but the check rule is still undergoing review.
This is all in the context of the Bureau of Labor Statistics reporting that from Jan 2021-March 2024 all food costs are up 21%, all energy up 36.9%, and rent is up 20.5%. Reducing bank fees is all good, but the larger economic hardships and failings in the Biden economic policy are heavy burdens for people just trying to get by.