White House on Biden’s 9% Inflation Claims: We Had 9% Inflation Soon After He Took Office, The Facto

[mystery-ak]

White House on Biden’s 9% Inflation Claims: We Had 9% Inflation Soon After He Took Office, The Factors Were There

Ian Hanchett 17 May 2024

On Thursday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” White House Council of Economic Advisers Chair Jared Bernstein defended President Joe Biden’s repeated assertions that inflation was 9% by claiming that “the annual growth in core inflation in the second quarter of ’21 was, in fact, about 9%” and that Biden was making the point that “the factors that caused inflation to climb to 9% were in place when he took office.”

Host Neil Cavuto asked, “Jared, why does he keep saying that? You’re his top economic — you’re the head of the Council of Economic Advisers. Do you ever whisper in his ear, Mr. President, just to be technical about it, it wasn’t 9% when you assumed office, it was 1.4%. It got as high as 9% in 2022, you brought it down from that, but it was never, ever, ever 9% when he came into office? So, why does he keep saying it?”

Bernstein responded, “Well, first of all, let me point out that, in that very quote you played, the President talked about how concerned he was for households struggling with prices that he consistently –.”

Cavuto then cut in to ask, “That’s not what I asked you. Why does he keep misrepresenting this?”

Bernstein answered, “He’s making the point that the factors that caused inflation to climb to 9% were in place when he took office.”

Cavuto then cut in to ask, “No, that’s not what he said. He said it was at 9%. It would eventually get to 9% a little over a year after that. But the fact of the matter is it wasn’t 9%. So, if I can’t trust him quoting data in real-time, why should I believe what he’s talking about now?”


https://www.youtube.com/watch?v=9r5FW1babZA&ab_channel=FoxBusiness

more
https://www.breitbart.com/clips/2024/05/17/white-house-on-bidens-9-inflation-claims-we-had-9-inflation-soon-after-he-took-office-the-factors-were-there/

[libertybele]

Finally, people are starting to fire back at all the crappola Joe has created.

 

[banddag]

Finally, people are starting to fire back at all the crappola Joe has created.

 

Some of the inflation was caused by Trump and some  by the collapse of the supply chain.
Not all of it is bidens fault.

[libertybele]

Some of the inflation was caused by Trump and some  by the collapse of the supply chain.
Not all of it is bidens fault.

@banddag What are you smokin' these days?  Inflation when Brandon took office was appx. 1.9%!!

Prices rose just under 7.8% under Trump and have risen nearly 20% under Biden.  Keep in mind prices rose during an unprecedented pandemic.  I can't even imagine having Brandon as president during such a time -- we'd all still be under lockdown! Also, the pandemic was created in order to take down Trump.  You will never convince me otherwise.  Brandon was not leading with delegates, yet all of a sudden every DEM candidate stepped aside and Joe was the nominee; then voila, COVID hit and an election was stolen.

https://finance.yahoo.com/news/bidens-big-inflation-problem-prices-are-now-up-nearly-20-since-he-took-office-080049551.html

https://www.washingtonpost.com/politics/2024/05/15/bidens-false-claim-that-inflation-was-9-percent-when-he-took-office/

https://nypost.com/2024/05/14/us-news/biden-repeats-lie-that-inflation-was-at-9-when-i-came-in/

https://www.investopedia.com/us-inflation-rate-by-president-8546447#toc-donald-trump-20172021

[banddag]

@banddag What are you smokin' these days?  Inflation when Brandon took office was appx. 1.9%!!

True but prior actions caused the inflation. Inflation just does not happen overnight. The issues causing it was building  up and just happened to come into play n 2021

What caused the inflation mess:

1. Supply chain collapse-neither Trumps or bidens fault  but globalization and relying too much on China. Inflations classic example  is "Too much money chasing too few goods". Remember $135 sheet plywood and dealers marking up pickups 20k over dealer invoice? This is one reason why every other country had an inflation problem. not just the US everyone was relying too much on China.

2. Steve Mnuchen, Sec of Treasury under Trump begged Trump to force the Fed to SLOWLY increase the artificially low interest rates back  in 2018-2019 or he would have an inflation problem in his second term. Trump refused as he thought it would slow the economy too much. This is in Mnuchens book. These low ir rates led to a buying and construction boom causing inflation as prices skyrocketed. Remember houses selling for 100k over asking price with people bidding? Again Too much money chasing too few goods"

 Trump 8 trillion dollar spending and 2.1 trillion dollar covid act was also a factor

3. . Bidens out of control spending is another major factor

Inflation is like obesity it does not happen overnight.  Why did every other country in the world have an inflation problem?

The point is of Trump was President in 2021 we still would have had the inflation problem probably not as bad but still bad.

@mystery-ak

[mountaineer]

Fauxcahontas Warren would tell us it's just because these food companies are evil, greedy corporations.


Source: @TheKevinDalton on X

[LMAO]

True but prior actions caused the inflation. Inflation just does not happen overnight. The issues causing it was building  up and just happened to come into play n 2021

What caused the inflation mess:

1. Supply chain collapse-neither Trumps or bidens fault  but globalization and relying too much on China. Inflations classic example  is "Too much money chasing too few goods". Remember $135 sheet plywood and dealers marking up pickups 20k over dealer invoice? This is one reason why every other country had an inflation problem. not just the US everyone was relying too much on China.

2. Steve Mnuchen, Sec of Treasury under Trump begged Trump to force the Fed to SLOWLY increase the artificially low interest rates back  in 2018-2019 or he would have an inflation problem in his second term. Trump refused as he thought it would slow the economy too much. This is in Mnuchens book. These low ir rates led to a buying and construction boom causing inflation as prices skyrocketed. Remember houses selling for 100k over asking price with people bidding? Again Too much money chasing too few goods"

 Trump 8 trillion dollar spending and 2.1 trillion dollar covid act was also a factor

3. . Bidens out of control spending is another major factor

Inflation is like obesity it does not happen overnight.  Why did every other country in the world have an inflation problem?

The point is of Trump was President in 2021 we still would have had the inflation problem probably not as bad but still bad.

@mystery-ak

  Agree



I would also say that the groundwork for inflation, if you really wanted to get super technical, probably goes back to the Obama administration after what was done with the 2008 crash and afterwards