Biden’s claims on the economy contradicted by rising inflation rates

There is some good news as the latest Consumer Price Index numbers show a slight easing in inflation.

However, most other indicators point towards more trouble ahead rather than less.

The CPI for April came in at 3.4% higher than a year ago, which is a slight decrease from March’s 3.5% increase.

Despite this, the levels are still above what Federal Reserve chief Jerome Powell desires.

In April, the Producer Price Index saw a 0.5% rise, surpassing the expected 0.3% predicted by economists. Generally, the PPI indicates where the CPI is headed as producers have to pass on these increased costs to consumers.

In addition, Consumer Confidence in April hit the lowest level since July 2022 when inflation was at a high of 8.5%.

Furthermore, interest rates have been at their highest in 23 years since last July. While Wall Street hopes for rate cuts, Powell remains reserved in his approach, leaving the working and middle class financially strained.

Americans have already depleted their pandemic savings while credit card balances continue to rise, leading to increasing debt.

Job growth slowed last month, with most new jobs added in government and health care sectors, hinting at a flat private sector employment trend.

The looming threat of stagflation adds to the economic concerns.

Under Bidenomics, prices have risen by an average of 20% since Inauguration Day 2021, highlighting the failure of the current administration to address the economic challenges facing Americans.

In response, President Biden has resorted to outright lies to downplay the soaring costs and hopes to secure reelection by misleading the public.

Despite rising gas prices, Biden’s tactics of gaslighting the public seem to be losing their effectiveness.