Democrats and their cronies in the corporate media are celebrating what they claim is the beginning of the end of crippling, record-high inflation, but July’s consumer price index still yielded a whopping 8.5 percent increase since 2021.
Despite the media and White House’s insistence that the economy is finally “cooling off” because the consumer price index came down slightly from the 9.1 percent recorded in June, Americans still paid more in July for groceries, prices for which rose by 1.1 percent since June and 10.9 percent since July 2021, and electricity, which is up 1.6 percent since the previous month and 15.2 percent since last year.
July’s inflation numbers are six times what they were when President Joe Biden was inaugurated, but that didn’t stop the Democrat from lying about how there was no inflation whatsoever in July. Much like how his administration tried to cover up that the United States is in a recession, Biden claimed that “our economy had zero percent inflation in the month of July.”
This is, of course, untrue since energy, oil, and gas prices are still up by dozens of percentage points since last July. Yet the corporate press jumped on the White House messaging bandwagon and promoted July’s numbers as a triumph for the shrinking economy.
CNN claimed that July’s prices, which are still close to 40-year highs, were “a breather.” The Associated Press similarly said the newest CPI documented the “slight break from high inflation” in July.
Axios took its cues from the White House and headlined its inflation article “Inflation drops to zero in July due to falling gas prices.”
The publication’s chief economic correspondent Neil Irwin took it one step further when he tweeted that slightly lower national gas prices, which are still averaging above $4 per gallon, and this month’s CPI, which still showed rising prices, yielded “good inflation news.”
On top of marketing an 8.5 percent increase in prices to Americans as a victory, Democrats and the media are still promoting their tax-increase bill as a measure to “keep our progress on inflation from … getting worse.”
Several models including one from Penn-Wharton, however, show that the legislation will increase inflation and taxes on the middle class.