White House Turns Heads With Ad Taking Credit For Lower Inflation

A recent advertisement posted by the White House on Instagram has been met with criticism for claiming credit for decreasing inflation rates over the past few months. The Bureau of Labor Statistics released data indicating that headline inflation declined year-over-year to a 5% rate last month. However, the rates are still three to four times higher than those recorded at the start of the current administration.

The advertisement featured President Joe Biden wearing aviator sunglasses, grinning next to the announcement that inflation had fallen 45% from its summer peak. However, it did not mention how inflation remains several times higher relative to levels seen two years ago. Despite social media users pointing out costs for shelter, apparel, and household supplies continue to increase, the statement further claimed that gasoline, grocery, and electronics prices declined while wages had increased. The White House urged building on progress by reducing the deficit, creating jobs, and lowering costs instead of Republicans’ attempts to cut taxes, ship jobs overseas and cut programs.

While energy prices fell, and food prices remained stable, social media commenters noted that prices in their areas remained high. Low-income households suffered the most, as purchasing power eroded when price levels outpaced nominal pay rises. Real wages fell 1.3% year-over-year as of last month. Despite the difficulties, the White House sounded optimistic notes about the economy. Biden claimed that his administration works every day to lower costs for families with investments in infrastructure, innovation, and clean energy. He further claimed that his policies have created a dynamic economy for the long haul, although Federal Reserve officials predict a mild recession by year-end.