By Arsenio Toledo
Article Source
President Joe Biden has officially presided over more inflation than any other elected American president since 1948, when the Bureau of Labor Statistics began keeping track of annual inflation rates.
The latest report from the bureau shows that annual inflation in June was sitting at 9.1 percent, another 40-year high. The average inflation for Biden’s first 18 months in office is 8.4 percent.
No other president in over 70 years has ever experienced such high inflation in the first 18 months of their term. (Related: U.S. economy continues to collapse under Biden as inflation hits new record highs.)
The only other president to experience similarly high levels of inflation during their first 18 months of office was former President Gerald Ford, who had an inflation rate of 8.6 percent for his first 18 months in office. But since Ford was not elected, he is considered an outlier in the data. He took office following the resignation of former President Richard Nixon,
Former President Ronald Reagan was next to Biden with an 18-month inflation rate of eight percent. Former President Jimmy Carter followed with a rate of 7.4 percent, and then Nixon with 5.9 percent.
Former President Donald Trump’s 18-month inflation rate was only 2.3 percent, less than a third of Biden’s 18-month rate.
Democrats’ massive spending plans to worsen inflation crisis
Republican lawmakers pointed out that June’s inflation rate of 9.1 percent is the largest annual increase since 1981. They focused their criticisms on the White House’s economic policies and expensive legislative agenda, including a multi-trillion dollar Wuhan coronavirus (COVID-19) stimulus bill that enacted new regulations on businesses and energy producers, which they believe contributed to the inflation.
“This destructive inflation has been caused by Democrats’ war on fossil fuels and massive deficit spending,” said Republican Sen. Ron Johnson of Wisconsin. “Biden and his enablers in Congress must be stopped.”
Biden attempted to claim that June’s inflation reading was “unacceptably high” and “out-of-date.” He pointed out that the White House has created over 300,000 jobs and the price of fuel has decreased significantly in recent weeks.
“Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June,” he said in a statement.
But Republicans countered Biden’s assertion by pointing out that his rhetoric does not match the reality that most Americans are dealing with.
“Every week, he’s trying to blame something different,” said Republican House Minority Whip Steve Scalise of Louisiana. “He tried blaming [Russian President Vladimir Putin], then he tried blaming the oil companies – he actually blamed it on COVID at one point. The one thing he hasn’t done is look in the mirror and blame himself.”
GOP Senators have also blamed a new spending package that is currently being negotiated in the Senate. The bill, which is estimated to cost more than $1 trillion in taxpayer money, would flood the economy with hundreds of millions of dollars in government spending and is likely to exacerbate inflation.
“A lot of this got started when Democrats decided to pass a partisan, party-line only, which flooded the zone with lots of dollars and created a situation with too many dollars chasing too many goods,” said GOP Senate Minority Whip John Thune of South Dakota.
“Democrats’ inflation crisis isn’t letting up anytime soon,” said Torunn Sinclair, a spokesperson for the National Republican Campaign Committee. “Voters will hold every Democrat responsible for leaving them worse off financially.”
Learn more about the Biden inflation crisis at Inflation.news.
Watch this clip from InfoWars as Owen Shroyer talks about the Biden administration changing the definition of a recession so it can deny that it is happening.
This video is from the InfoWars channel on Brighteon.com.
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