Spin Cycle. Inflation Remains At A 40-Year High, But Biden And Company Describe The New Numbers As “Progress.”

Joe Biden and his administration were probably dreading the updated inflation data revealed on Wednesday. Still, it appears they were prepared with some talking points to deal with the dismal results. 

Inflation was drastically on the rise again in December.  The consumer price index rose 7% from December 2020 to December 2021, and just like last month’s results, inflation hasn’t been this high since June of 1982. 

Republicans and Democrats pounced on the news, with Biden on the defensive, claiming the new numbers were “progress.”

Grasping for some positive interpretations, the White House pointed out that fuel costs in December were lower, and the .5 percent increase for common goods and services was an improvement over the previous month, which showed a .8 percent increase. 

Here’s part of Biden’s statement.  “Today’s report—which shows a meaningful reduction in headline inflation over last month, with gas prices and food prices falling—demonstrates that we are making progress in slowing the rate of price increases.”

The Consumer Price Index data indicates that Biden’s claim is wrong, and food prices actually increased by .5 percent from November to December and are up 6.3 percent over the past 12 months. 

Energy costs fell .4 percent in the previous month but are still 29.3 percent higher than a year ago. 

Republicans blasted Biden after digesting the economic news.  Here’s part of a statement released by Senate Minority Leader Mitch McConnell. 

“Back in July, the Biden administration tried to brush off inflation concerns, suggesting it would all be just a ‘transitory’ inconvenience. Despite the glaring warning signs, President Biden’s only strategy has been to spend more and do nothing to get ahead of these soaring costs. Now, six months later, we know they were either misleading or completely incompetent in their assessment.”

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