President Joe Biden has been criticized for his recent claim that inflation was already very high when he assumed office in January 2021. In actuality, the inflation rate at that time was just 1.4%, among the lowest rates in recent history. Biden stated during an interview with CNN’s Erin Burnett that the inflation rate was 9% when he took office, a claim that was immediately debunked by ABC and other outlets.
The New York Post noted that although inflation had already begun to rise shortly after Biden took office, it surged to rates not seen since the early 1980s, peaking at an annual rate of 9.1% in June 2022, seventeen months into his term. As of March, inflation has remained stubbornly high at an annual rate of 3.5. Critics argue that massive spending passed during Biden’s first year in office contributed to the rapid loss of a dollar’s buying power by effectively printing more money.
Since Biden took office, the average prices of goods and services have increased by 19%, according to Bureau of Labor Statistics data. In comparison, during Trump’s four years in office, prices increased by just 8% or roughly 2% per year. Despite these numbers, Biden maintains that he has already turned around the economy and is not concerned about losing time to address high inflation rates.
Burnett brought up various economic issues, including the rising costs of buying a home in the United States, stagnant real income when accounting for inflation, slower-than-expected economic growth, and low consumer confidence levels. She asked if Biden was worried that he might run out of time to improve these areas before the election. Biden insisted that they have already turned the economy around, pointing to a University of Michigan survey showing that 65% of Americans believe they are in good shape economically.
However, it is clear that inflation remains an issue for many consumers, with grocery prices rising by more than 30% since the beginning of the pandemic and food costs playing a significant role in this increase. Biden acknowledged the impact of these higher costs but also pointed to corporate greed as a factor. He cited examples like Snickers bars being reduced in size while still maintaining the same price as evidence of this issue.
Despite ABC’s fact-checking of his statement, President Biden’s claims about inflation during his tenure have been widely criticized for their inaccuracies and lack of context.
