President Joe Biden and the White House continued this week to spin sky-high inflation numbers as voters balk at the rising cost of living — often relying on misleading arguments to deflect responsibility for the price hikes.
Democrats have blamed a range of targets for causing prices to rise — from the war in Ukraine to supply chain hiccups to the low unemployment rate to corporate greed.
The inflation number for March that grabbed headlines, the consumer price index increasing by 8.5%, is measured on an annual basis, not a monthly one. "That is the view of the Federal Reserve and outside economists, and they all continue to project it will come down this year." Charles Goodhart, central banker for the United Kingdom, said last month that inflation is likely to linger for years thanks to shifting demographics that will affect the availability of labor for the long term.
In other words, while other countries also experienced inflation due to the effects of the pandemic globally, the U.S. experienced far worse inflation due to Congress passing too large a stimulus bill. “We believe that the economy is strong. We have created more jobs last year than any year in American history. We saw the unemployment rate at 3.6% last month.”This week was not the first time the White House attempted to use job creation numbers as an indication of economic success without the proper context.
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