You might have noticed prices are rising and inflation is at all time highs. The Biden Administration wants you to keep your head in the sand and pretend it doesn’t exist but this top Obama Economist just put any of your doubts to rest. Watch what he said about the state of our economy.
Well, they finally admitted it.
According to The Daily Wire. A former Treasury Secretary and director of the National Economic Council, Lawrence Summers, warned on Tuesday that inflation remains a serious problem in the United States.
According to a report released on Tuesday by the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased 8.3% between August 2021 and August 2022. The reading falls from 8.5% in July and 9.1% in June, as gasoline prices continue to fall, while food, shelter, and medical services prices continue to rise month-over-month.
As a result, core inflation – which includes all items except food and energy – rose by 0.6% in August, which marked a faster rate of increase than July and a 6.3% increase over the previous year. The measure was expected to rise 0.3%, according to analysts.
Summers commented on social media, “Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one,”
Summers remarked that median inflation — an alternative metric of core inflation favored by those who once said inflation was “transitory” — rose to “its highest ever reading.” I
Fox News SAVAGELY reality checked Biden on LIVE TV and interrupted his delusional speech about inflation:
The Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen once argued that rising prices were the result of demand increases following widespread government lockdowns. However, Yellen admitted earlier this year that she had been incorrect about transitory inflation.
Even with the poor inflation news, President Joe Biden claimed victory on Tuesday saying. “It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy,” “And my economic plan is showing that, as we bring prices down, we are creating good paying jobs and bringing manufacturing back to America.”
It’s clear as day… They were wrong and even lied to us about inflation. Now we know and we won’t let this administration gaslight us into believing their lies. What a bunch of scoundrels.