Claim: Bidenomics is working because prices are going down. Verdict: False.
“Bidenomics is indeed working when – when we say that — you look at the data, right? Cost is going down, right? We think about inflation,” White House press secretary Karine Jean-PierreIn general, products and services purchased by Americans do not cost less than they did in the past. The Labor Department said Thursday that the consumer price index was up 3.1 percent in July compared with a year earlier. Compared with the prior month, the index was up 0.2 percent.
Inflation is the rate of change of prices. When inflation declines, as it has in recent months, this does not mean costs are going down. It means the pace of price increases has slowed. Last summer, prices were rising at around nine percent per year. This summer, they are up just over three percent from a year ago. Costs are going up, not down.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House pivots to ‘Bidenomics’ message focused on more government spendingThe White House on Monday will launch an effort to convince voters that his economic plan dubbed “Bidenomics” is working to boost the lives of middle-class voters.
Read more »
WATCH LIVE: Biden touts 'Bidenomics' as poll shows opposition to White House plan | Fox Business VideoThe 'Bidenomics' tour over the next two days comes as Republicans have tied the term to the economic woes amid a competitive GOP presidential primary.
Read more »
Majority of voters say income isn’t keeping up with inflation as White House touts BidenomicsA majority of Americans are not feeling the touted benefits of the Biden administration's economic agenda, as most voters say their incomes are not keeping up with inflation.
Read more »
The White House's new push to define BidenomicsThe White House is talking about the Biden economic record as something to embrace, a shift heading into the midterms.
Read more »