{"id":2324758,"date":"2024-08-14T22:24:58","date_gmt":"2024-08-15T02:24:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-brags-inflation-is-down-to-lowest-since-the-same-month-he-signed-1-9t-bill-that-sparked-it\/"},"modified":"2024-08-14T22:26:55","modified_gmt":"2024-08-15T02:26:55","slug":"biden-brags-inflation-is-down-to-lowest-since-the-same-month-he-signed-1-9t-bill-that-sparked-it","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-brags-inflation-is-down-to-lowest-since-the-same-month-he-signed-1-9t-bill-that-sparked-it\/","title":{"rendered":"Biden Brags Inflation Is Down to Lowest Since the Same Month He Signed $1.9T Bill That Sparked It"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-brags-inflation-is-down-to-lowest-since-the-same-month-he-signed-1-9t-bill-that-sparked-it%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2324758&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In\u2062 a recent \u2064statement, President Joe \u2063Biden announced that the inflation rate for July had dropped to 2.9%, the lowest since March \u200b2021. This figure\u200b marks a slight decrease from June&#8217;s rate of 3%. Biden acknowledged the progress but noted that prices remain too\u2064 high, emphasizing that wages have been rising faster than prices for 17 consecutive months. However, the discussion surrounding inflation is complex, with \u2062critics \u200dattributing the initial rise in inflation to the $1.9 trillion American\u2063 Rescue Plan passed in March 2021. Economists had \u200dwarned \u200cthat this stimulus, \u200ccoming amid an\u2062 economic recovery from \u200dthe COVID-19 pandemic, could lead to inflationary pressures. Historical comparisons reveal that when \u2063Biden took office, inflation was at 1.4%, contrasting sharply with spikes reaching 9.1%\u2062 in mid-2022. Various \u2064economic officials, including former Treasury Secretary Larry Summers and \u200dSteven Rattner, have criticized the\u2063 American Rescue Plan\u2062 for triggering\u2062 inflation. Additionally, some argue that Biden&#8217;s policies \u2062have\u2064 led to a new baseline for prices that are significantly higher than \u2064when he \u200cassumed office. As the political landscape continues to\u2064 evolve, concerns linger about\u200d future spending and its\u2063 potential impact on inflation \u2063should Democrats regain control in the upcoming \u200delections.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> <script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><script>console.log(\"ad slot (REP_0)\")<\/script><\/p>\n<p>President Joe Biden bragged on Wednesday that the inflation rate for July had fallen to being up only 2.9 percent over last year.<\/p>\n<p>That was a slight decrease from a 3 percent annual rate posted in June, <a href=\"https:\/\/www.nbcnews.com\/business\/economy\/inflation-july-2024-how-is-the-economy-looking-right-now-rcna166226\" target=\"_blank\" rel=\"noopener\">NBC News<\/a> reported.<\/p>\n<p>&ldquo;Folks, inflation has fallen below 3%, its lowest level since March 2021. Prices are still too high, and we have more work to do to lower costs for hardworking Americans &mdash; but we&rsquo;re making real progress, with wages rising faster than prices for 17 months in a row,&rdquo; Biden posted on X.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Folks, inflation has fallen below 3%, its lowest level since March 2021.<\/p>\n<p>Prices are still too high, and we have more work to do to lower costs for hardworking Americans &ndash; but we&rsquo;re making real progress, with wages rising faster than prices for 17 months in a row.<\/p>\n<p>&mdash; President Biden (@POTUS) <a href=\"https:\/\/twitter.com\/POTUS\/status\/1823755210235298159?\">August 14, 2024<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>  <script> \t\t\t\tif( ! getCookie( 'ff_subbed' ) ) if( typeof FFADS.replace_ict !='undefined' ) if( FFADS.replace_ict ) eval( FFADS.replace_ict ); \t\t\t<\/script> <\/p>\n<p>Do you know what happened in March 2021?<\/p>\n<p>The Democrats passed the $1.9 trillion American Rescue Plan stimulus bill, which economists <a href=\"https:\/\/www.westernjournal.com\/elon-musk-lays-exact-cause-inflation-harris-walz-exacerbate-problem\/\" target=\"_blank\" rel=\"noopener\">warned<\/a> would be inflationary, given the economy was already well on its way to recovery from the COVID shutdowns.<\/p>\n<p>The inflation rate was <a href=\"https:\/\/www.statista.com\/statistics\/1394307\/monthly-inflation-vs-core-inflation-us\/\" target=\"_blank\" rel=\"noopener\">1.4 percent<\/a> when Trump left office in January 2021. It averaged <a href=\"https:\/\/www.investopedia.com\/us-inflation-rate-by-president-8546447\" target=\"_blank\" rel=\"noopener\">1.9 percent<\/a> during his entire four years in office, among the lowest of any president going back to Dwight Eisenhower in the 1950s.<\/p>\n<p>The month after the ARP was passed and hundreds of billions of borrowed and printed dollars began to flow into the economy, inflation went up to <a href=\"https:\/\/www.statista.com\/statistics\/1394307\/monthly-inflation-vs-core-inflation-us\/\" target=\"_blank\" rel=\"noopener\">4.2 percent<\/a> and continued until it spiked at 9.1 percent in June 2022.<\/p>\n<p>In a February 2021 <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2021\/02\/04\/larry-summers-biden-covid-stimulus\/\" target=\"_blank\" rel=\"noopener\">opinion piece<\/a> for The Washington Post, former Clinton Treasury Secretary Larry Summers had cautioned Democrats that passing the ARP would &ldquo;set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability.&rdquo;<\/p>\n<p>After it passed the following month, Summers <a href=\"https:\/\/thehill.com\/policy\/finance\/544188-larry-summers-blasts-least-responsible-economic-policy-in-40-years\/\" target=\"_blank\" rel=\"noopener\">called it<\/a> &ldquo;the least <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thanks-joe-biden-cost-for-fourth-of-july-cookout-reaches-record-high-thanks-to-inflation\/\" title=\"Thanks to inflation, the cost for Fourth of July cookouts hits a record high. Thanks, Joe Biden.\">responsible macroeconomic policy<\/a> we&rsquo;ve had in the last 40 years.&rdquo;<\/p>\n<p>Further, former Obama administration Treasury Department official Steven Rattner in a November 2021&nbsp;<a href=\"https:\/\/www.nytimes.com\/2021\/11\/16\/opinion\/biden-inflation-spending-manchin.html\" target=\"_blank\" rel=\"noopener\">article<\/a> for The New York Times identified the ARP as the &ldquo;original sin&rdquo; leading to high inflation.<\/p>\n<p>He pointed to Summers&rsquo; warning, as well as &ldquo;many others.&rdquo;<\/p>\n<p>&ldquo;We worried that shoveling an unprecedented amount of spending into an economy already on the road to recovery would mean too much money chasing too few goods,&rdquo; Rattner noted.<\/p>\n<p>In 2022 Larry Kudlow &mdash; a former top economic adviser to presidents Ronald Reagan and Donald Trump &mdash; <a href=\"https:\/\/www.westernjournal.com\/trumps-top-economic-advisor-lays-exact-causes-inflation-biden-falsely-blaming-others\/\" target=\"_blank\" rel=\"noopener\">argued<\/a> that is exactly what happened.<\/p>\n<p>He explained that the <a href=\"https:\/\/www.westernjournal.com\/reagan-succeeded-uniting-country-40-years-ago-president-since\/\" target=\"_blank\" rel=\"noopener\">successful policy<\/a> that brought inflation down under Reagan in the 1980s was known as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/milton-friedmans-revenge\/\" title=\"Milton Friedman\u2019s Revenge\">supply-side economics<\/a>, and it was the opposite course Biden took.<\/p>\n<p>&ldquo;The tax hikes and the environmental restrictions [under Biden] are suppressing the supply side of the economy &mdash; not enough goods. And the spending increases the demand side of the economy &mdash; too much cash,&rdquo; Kudlow said.<\/p>\n<p>&ldquo;If you are going to spend more than you can produce, well, prices have to go up. And the obvious solution is to spend less and produce more.&rdquo;<\/p>\n<p>Biden pushed for <a href=\"https:\/\/www.cnbc.com\/2021\/11\/19\/biden-build-back-better-bill-house-passes-social-safety-net-and-climate-plan.html\" target=\"_blank\" rel=\"noopener\">passage<\/a> of the $1.75 trillion <a href=\"https:\/\/www.westernjournal.com\/sinema-manchin-refuse-commit-build-back-better-higher-taxes-spending-hurt-economy\/\" target=\"_blank\" rel=\"noopener\">Build Back Better<\/a> in the fall of 2021, which did clear the House. It only would have further inflamed the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-platforms-tap-floyd-mayweather-kim-kardashian-tiktok-stars-for-ad-campaigns\/\" title=\"Crypto Platforms Tap Floyd Mayweather, Kim Kardashian, TikTok Stars For Ad Campaigns\">inflationary pressures caused<\/a> by the ARP, but thankfully, Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona put the kibosh on it going through the upper chamber.<\/p>\n<p>And then the Republicans took back the House in November 2022, which greatly restricted any Biden plans for new additional spending.<\/p>\n<p>The president really can&rsquo;t take any credit for the inflation rate dropping.<\/p>\n<p>Further, the new floor for prices created by his policies is about <a href=\"https:\/\/finance.yahoo.com\/news\/bidens-big-inflation-problem-prices-are-now-up-nearly-20-since-he-took-office-080049551.html\" target=\"_blank\" rel=\"noopener\">20 percent<\/a> higher than when he took office.<\/p>\n<p>There can be little doubt if Kamala Harris wins in November and if the Democrats take back control of Congress, they will return to spending trillions we don&rsquo;t have and cause inflation to spike yet again.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\">  <\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> <label>* Name<\/label> <br \/> <input type=\"text\" name=\"name\" required> <\/div>\n<div class=\"sc--field\"> <label>* <\/label> <br \/> <input type=\"text\" name=\"\" required> <\/div>\n<p> <label>* Message<\/label> <br \/> <textarea name=\"message\" required><\/textarea>  <\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> <input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\">  <\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> <script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script>  <\/div>\n<p>   <script>console.log(\"ad slot (BA1)\")<\/script> <\/p>\n<div class=\"ff-fancy-header-container\">  <\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<div class=\"insticator-ads additional\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden proudly announced on Wednesday that the inflation rate for July had decreased to 2.9 percent compared to the previous year, down from a 3 percent annual rate in June, according to NBC News. He stated on X, \u201cFolks, inflation has dropped below 3%, its lowest point since March 2021. While prices remain high and we still have work ahead to reduce costs for hardworking Americans, we are making significant progress with wages increasing faster than prices for the past 17 months.\u201d <\/p>\n<p>In March 2021, Democrats enacted the $1.9 trillion American Rescue Plan (ARP) stimulus bill despite warnings from economists about potential inflationary effects as the economy was already recovering from COVID shutdowns. When Trump left office in January 2021, inflation was at just 1.4 percent and averaged only 1.9 percent during his presidency\u2014one of the lowest rates among presidents since Dwight Eisenhower in the &#8217;50s. Following the ARP&#8217;s passage and an influx of borrowed and printed money into the economy, inflation surged to 4.2 percent within a month and peaked at 9.1 percent by June 2022.<\/p>\n<p>Larry Summers, former Treasury Secretary under Clinton, cautioned Democrats in a February 2021 op-ed that passing ARP could trigger unprecedented inflationary pressures with serious implications for dollar value and financial stability; after its approval he labeled it \u201cthe least responsible macroeconomic policy we\u2019ve had in the last four decades.\u201d Similarly, Steven Rattner from Obama\u2019s Treasury Department referred to ARP as &#8220;the original sin&#8221; behind rising inflation.<\/p>\n<p>Rattner echoed concerns about excessive spending fueling demand while supply remained constrained: \u201cWe worried that shoveling an unprecedented amount of spending into an economy already on recovery would mean too much money chasing too few goods.\u201d In contrast to this approach under Biden&#8217;s administration\u2014which included tax increases and environmental regulations\u2014Larry Kudlow argued that successful policies like supply-side economics used by Reagan effectively reduced inflation by boosting production rather than demand.<\/p>\n<p>Biden also advocated for his $1.75 trillion Build Back Better plan in late 2021; however it faced opposition from Senators Joe Manchin and Kyrsten Sinema which prevented it from advancing through Congress after Republicans regained control of the House following November elections.<\/p>\n<p>Ultimately, Biden cannot claim credit for falling inflation rates as current price levels are approximately twenty percent higher than when he took office; should Kamala Harris win next November alongside a Democratic Congress return to power again could lead back towards unchecked spending resulting once more in rising inflation<\/p>\n","protected":false},"author":1,"featured_media":2324759,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/08\/Joe-Biden-3.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[3620,9168,5708],"class_list":["post-2324758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-biden","tag-economy","tag-inflation"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/08\/Joe-Biden-3.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2324758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2324758"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2324758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2324759"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2324758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2324758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2324758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}