Inflation Trends
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.”
