President Joe Biden continued to declare the economy as a victory for his administration, announcing proudly to reporters that America had “zero percent inflation” during the month of July.
“I just want to say a number: zero. Today, we received news that our economy had zero percent inflation in the month of July. Zero percent.”
This came as a shock to many Americans, feeling the effects of skyrocketing grocery prices and fuel costs.
Wtf is going on— Coastal Country Club (@ccmembersonly) August 10, 2022
But this Biden statement was not a mistake. Press Secretary Karine Jean-Pierre doubled down on the rosy outlook with a Tweet thread of her own.
She said that American families are “saving $106 per month of average” due to the “drop in gas prices”
The Wall Street Journal reported 8.5% inflation in July, with consumer-price increases at the highest annual rate in four decades. Gasoline prices were down for the month of July, due to a release in the strategic oil reserve. Food prices are still running hot, being up 1.3% from last month and 13.1% higher than last year.