The Daily Signal By EJ Antoni
President Joe Biden’s retelling of economic history could win a fiction award.
He recently claimed in an interview that inflation “was 9% when I came into office,” even though it was 1.4% at that time. Not only is Biden lying about the historical record, but it was his policies that fueled the inflation fire.
The facts are clear: Biden was handed an economy that was recovering at an unprecedented pace. Gross domestic product was rising at an annualized rate of $1.5 trillion. Annual inflation as measured by the consumer price index was 1.4%. A monthly average of 1.5 million people were returning to work as lockdowns were lifted.
Just a year and a half later, Biden managed to deliver two consecutive quarters of negative GDP—the traditional definition of a recession—while driving annual inflation up to 9.1%. In June 2022 alone, the consumer price index rose 1.2%, an increase almost as large as the entire year before Biden took office.
What caused prices to rise about as fast in a single month as they had over the course of a whole year? In a word, “Bidenomics.”
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