Social media mocked the White House’s attempt to spin inflation as a positive.
The Biden administration tweeted: “Great News! Today’s report on inflation shows that annual inflation has now reached the lowest level since march 2021 and is less than half what it was in June last year.”
They claimed that this would give families breathing space.
The graph of consumer price index shows inflation rising from approximately January 2021 to about May 2022, when the percentage change begins to decline while still remaining positive.
Critics criticized the White House for posting a graph which clearly showed that inflation soared to unprecedented heights after President Joe Biden entered the Oval Office.
Another critic tweeted: “The fact that they released this confirms just how incompetent and stupid these clowns are.”
Some pointed out that inflation is still much higher than the wage increases made under Biden’s presidency.
The president issued a press release claiming that he was responsible for the lower rate of inflation increase, while also admitting there was still more work to be done.
Federal Reserve officials raised interest rates to curb U.S. consumer spending and bring down inflation. However, the abrupt increase led to a banking crisis and a plummeting affordability of housing. Fed officials said that they would reduce interest rate increases if the inflation rate slowed.
