Joe Biden Misleadingly Says Inflation ‘Going Down’ if You Don’t Count Gas and Food

[mystery-ak]

Joe Biden Misleadingly Says Inflation ‘Going Down’ if You Don’t Count Gas and Food

Charlie Spiering 10 Jun 2022

President Joe Biden misleadingly claimed Friday that inflation had gone down if you did not count food and gas, even though overall inflation went up.

“Inflation outside of energy and food, what the economists call core inflation, moderated the last two months,” Biden said. “Not enough, but it moderated, it’s come down and we need it to come down much more quickly.”

Biden reacted to the new consumer price index numbers for the month of May released on Friday morning in a speech at the Port of Los Angeles.

But month-to-month core inflation in May was actually at 0.6 percent, the same percentage as it was in April.

Biden’s team cited the unchanged month-to-month numbers as a sign that core inflation was “moderating” but not down.

more
https://www.breitbart.com/politics/2022/06/10/joe-biden-misleadingly-says-inflation-going-down-dont-count-gas-food/

[mountaineer]

Donuts are good for you, if you don't count the sugar, carbs and fat.

[IsailedawayfromFR]

I'd wager that is a lie anyway as interest paid has skyrocketed as interest rates rise, car prices have skyrocketed if you can find one, and darn near anything else you wish to buy have gone up.

I wish someone can ask Joe what items he knows about that have not risen in price.

[Hoodat]

Inflation is going down if you don't count anything that is rising in price.

[LMAO]

Smoking is good for you if you don't count the carcinogens

[240B]

Inflation NEVER goes down. This whole Biden Administration made-up concept of cyclical inflation is absurd. Inflation is and has always been a one-way ratchet. Why do think cars were $1000 at one time, and a house was never over $5000? This will never happen again.

[The_Reader_David]

Inflation NEVER goes down. This whole Biden Administration made-up concept of cyclical inflation is absurd. Inflation is and has always been a one-way ratchet. Why do think cars were $1000 at one time, and a house was never over $5000? This will never happen again.

You're confounding prices with (price) inflation.  Prices tend, esp. on big-ticket items, not to do down (there are instance in tech of long term downward price trends and there are fluctations in other prices -- don't forget gas prices when down during the Trump administration --  and week-on-week there have been many times the price of milk or KC Strip has gone down at my local Kroger affiliated grocery), but (price) inflation is the rate of change in prices, not the prices themselves, and it has often gone down (e.g. between the early 1980's and the late 1980's).

Mathematically the price of a basket of goods and services is a function of time and inflation is the derivative of that function with respect to time, while the rate of change in inflation is the second derivative.  There is an amusing story about Richard Nixon claiming he should be reelected because his policies had slowed the rate increase in inflation, which Milton Friedman remarked was the only time in history that a politician had invoked a third derivative as a justification for reelection.

[Right_in_Virginia]

Lauren Boebert
@laurenboebert

Last year we saved $0.16 on hotdogs.

This year we can’t afford to drive to the store to buy them.

2:47 PM · Jun 10, 2022·Twitter Web App

[Right_in_Virginia]

"The fake news really doesn’t want you to see this…"  (Video)

https://mobile.twitter.com/Adaliabcomcast1/status/1535316116091899906

[Hoodat]

https://mobile.twitter.com/Adaliabcomcast1/status/1535316116091899906

The last comment nailed it.  While the man may not have agreed with everything Trump said, he commended Trump for "keeping it real".  This is a yuge lesson that today's GOP needs to learn.

[240B]

Once the 'real value' of a dollar is diluted, there is no way to bring it back.
Corporations can do a stock buy-back when their stock becomes undervalued.
The United States cannot do a Dollar buy-back when the value of a dollar is weakened to nothing.
50 Billion to Ukraine? Why not 500 Billion? Why not a Million Billion? What difference, at this point, does it make!?

[roamer_1]

Once the 'real value' of a dollar is diluted, there is no way to bring it back.
Corporations can do a stock buy-back when their stock becomes undervalued.
The United States cannot do a Dollar buy-back when the value of a dollar is weakened to nothing.
50 Billion to Ukraine? Why not 500 Billion? Why not a Million Billion? What difference, at this point, does it make!?

Not exactly true.
The reason the dollar is inflated is because there are too many of them. If too much printing causes inflation then the opposite (burning dollars by the pallet load) would have the opposite effect.

The fact of the matter remains the same: Our government costs more than we make. As long as the fed spends more than the GNP (or even a quarter of GNP, technically, even a tenth) The solution is obvious.

[240B]

Not exactly true.
The reason the dollar is inflated is because there are too many of them. If too much printing causes inflation then the opposite (burning dollars by the pallet load) would have the opposite effect.

The fact of the matter remains the same: Our government costs more than we make. As long as the fed spends more than the GNP (or even a quarter of GNP, technically, even a tenth) The solution is obvious.

Burning Dollars would only count if there were a counter somewhere similar to 'issued stock' for a corporation. Also, it would only mean anything if the burn rate surpassed the 'print new dollars' rate (and I doubt that will ever happen). As far as most people in the world think (especially American Democrats), Dollars are infinite with no limit. 50 Billion here, 100 Trillion there, and on and on and on. That's why so many people are buying land and 'hard assets'. Land is real. The paper dollar is an idea. It is a belief. Democrats think $Dollars come from Unicorn Farts.

This crazy printing frenzy has happened already all over the world throughout history. Once politicians, dictators, or Kings, get it in their heads that they can simply "print money" as much as they want into infinity, then we wind up in Germany, Russia, Argentina, Venezuela, and all over Africa.

[roamer_1]

Burning Dollars would only count if there were a counter somewhere similar to 'issued stock' for a corporation. Also, it would only mean anything if the burn rate surpassed the 'print new dollars' rate (and I doubt that will ever happen). As far as most people in the world think (especially American Democrats), Dollars are infinite with no limit. 50 Billion here, 100 Trillion there, and on and on and on. That's why so many people are buying land and 'hard assets'. Land is real. The paper dollar is an idea. It is a belief. Democrats think $Dollars come from Unicorn Farts.

This crazy printing frenzy has happened already all over the world throughout history. Once politicians, dictators, or Kings, get it in their heads that they can simply "print money" as much as they want into infinity, then we wind up in Germany, Russia, Argentina, Venezuela, and all over Africa.

All true or likely true == The pain of fixing it is real and deep... Which is why the tendency historically is to print to oblivion. However, that does not mean that the fix is without reason... The fix is still the fix.

Whatever suck has to be endured is guaranteed to be less than the suck involved continuing on our merry way... By an order of magnitude or two.

[IsailedawayfromFR]

The last comment nailed it.  While the man may not have agreed with everything Trump said, he commended Trump for "keeping it real".  This is a yuge lesson that today's GOP needs to learn.

If these people just show up to vote we might have a chance to get past the ballot box stuffers.

[Hoodat]

Not exactly true.
The reason the dollar is inflated is because there are too many of them. If too much printing causes inflation then the opposite (burning dollars by the pallet load) would have the opposite effect.

It wouldn't even require the physical burning of money.  All it would take is for the FED to stop issuing new money, and for the Treasury to pay off the bonds that the Fed holds.  As those bonds are paid off, the money gets wiped off the books.

But as everyone knows, the Treasury will never pay off those bonds.  The expansion of the money supply will never be retracted.

[roamer_1]

It wouldn't even require the physical burning of money.  All it would take is for the FED to stop issuing new money, and for the Treasury to pay off the bonds that the Fed holds.  As those bonds are paid off, the money gets wiped off the books.

Sorta. Too many dollars in circulation still waters down the value.
But the pain comes with austerity - Stopping spending and paying down that debt - Think of what that really means. ALL government functions reduced enough to start meaningfully paying down that debt would be a structural calamity. All the free sh*t would have to go away. all the grants, all the overseas money would dry up... All the sweet deals for big business... Cutting all that off would hurt like hell... Which is where the concept of 'too big to fail' comes from. Sooner or later, you have to let it fail. And the bigger it is, the harder the hit, and the more it hurts... But far better for the US government to fail right now than for the US to fail some few years from now.

But as everyone knows, the Treasury will never pay off those bonds.  The expansion of the money supply will never be retracted.

Right - Still the remedy would be better... And hurt less than the alternative.

[GtHawk]

Now let me try, Joe Biden tells the truth, as long as you don't count the times his lips are moving, Joe Biden is competent if you exclude the 100% of the time he's not, America is a democracy don't count the fact it's a Constitutional Republic, you couldn't own a cannon when the constitution was written if you ignore the fact that you could. How'd I do, did I pass the Biden facts test?

[Fishrrman]

240b wrote:
"Once the 'real value' of a dollar is diluted, there is no way to bring it back.
Corporations can do a stock buy-back when their stock becomes undervalued.
The United States cannot do a Dollar buy-back when the value of a dollar is weakened to nothing."

Ever read Matt Bracken's trilogy, "Enemies, Foreign and Domestic" ??
(can be found on the net if you know where to look).

I suggest you do, and pay attention to the part about the new "blue bucks"...

[LMAO]

https://www.youtube.com/watch?v=ABvu0qZ2B6Q

[Hoodat]

https://www.youtube.com/watch?v=ABvu0qZ2B6Q

And that was before tax indexing.  When Carter was in office, a inflated salary of $100K would have to pay $70K in federal income taxes.  When Reagan took office, he indexed the tax rates to the rate of inflation.

[LMAO]

https://m.youtube.com/watch?v=bfo6NA8Ylss

[dfwgator]

https://www.youtube.com/watch?v=ABvu0qZ2B6Q

Back when SNL still used to bash both parties.

[LMAO]

https://www.nbc.com/saturday-night-live/video/jimmy-carter-on-inflation-cold-open/3007609