In reaction to the Consumer Price Index data showing that the all-items index grew 3% over a one-year period, the lowest increase in over two years, President Joe Biden conducted a victory lap this week.
According to data from the U.S. Bureau of Labor Stats, “the all items index rose 3.0 percent during the 12 months that ended in June; this was the lowest 12-month increase ever since the period that ended March 2021.”
The information was seized by Biden, who dubbed it “Bidenomics in action.”
“We discovered today that annual inflation has dropped for 12 straight months to 3%, the lowest level in more than two years. We’re growing the economy from the center out and the bottom up, not from the top down, as I campaigned for office to accomplish. Bidenomics in action,” said a tweet from the @POTUS account.
But as the left applauded the CPI numbers, others delivered a sobering reminder that Americans had been hit hard by inflation for a while.
Republican candidate for the U.S. Congress in California, Craig DeLuz, stated that the economic statistics are not cause for celebration. “3% inflation year over year is NOT anything to be celebrated,” he tweeted. “That doesn’t imply that prices are going down. That just indicates that the current situation is better than it was a year ago. The costs are still increasing.”
“The Biden administration takes pride in reducing the inflation they brought about. Inflation has increased dramatically since Biden entered office and is now twice what it was in January 2021. The decline in real earnings is 3%. #Bidenomics at work, guys,” Texas Republican Senator Ted Cruz tweeted.
Senator Rick Scott of Florida stated in a statement that “Joe Biden was much more deluded than he had previously been suspected of being, If he believes that his economic policies are truly assisting American families achieve the American dream,” Scott said. “We need to stop expecting our children and grandchildren to foot the bill and limit the spiraling inflation and wasteful spending.”
Daniel Horowitz of Blaze Media remarked in a tweet that “the rate of growth of inflation decreasing after record highs isn’t the same as the rate of living cost decreasing.”