Did the US economy have zero percent inflation in July? In a recent report by CPI, US President Joe Biden claims that they had 0% inflation the previous month. However, no country can achieve such rates. A lawmaker claimed that the US had 8.5 percent inflation last month.
More on Joe Biden’s claim
When the CPI reports were released, Joe Biden claimed their nation had zero percent inflation last month. Along with him, Karine Jean, White House Press Secretary, shared on Twitter that they had been shocked by the news that their country had zero percent inflation. She added that while the prices of some things have gone up, there are things whose prices have dropped, such as fuel, gas, and clothes.
Most people on different social media platforms, such as Twitter, denied this claim and considered it a foolish statement. A lawmaker also tweeted that the country actually experienced an 8.5% inflation rate the previous month.
Opinions of famous personalities over Biden’s claims
Jeffrey Tucker claimed that Biden’s zero percent inflation claims are just boggy old math tricks and nothing more than that. He said that this all is mainly an overall 1-month index change. It means that the big drops in the prices of several things such as fuel gasses and oils have replaced the massive increment of the prices in other sectors. Using this tactic and claiming the country’s inflation is 0% is totally dumb. He also added that the country had actual inflation of 15.2 percent, which they got after calculating yearly.
Mr. Havenstein also shared his opinion on this matter. He stated that it could be hazardous for the country officials to claim that its economy had zero percent inflation last month. On the other side, Mr. Flanagan wrote that the country’s economic inflation was actually 8.5 percent instead of zero percent the previous month.
Some people also pointed out that if Joe believes that there is no inflation, there is no need for the IR Act and the 80 billion dollars to allow IRS to hire new agents.
What are your thoughts on US President Joe Biden claims that they had 0% inflation in July? Do you think that a country could ever have no inflation? Let us know in the comments below. And, if you found our content informative, do share it with your friends.
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