by confoundedinterest17
Joe Biden is indisputably the worst communicator in Presidential historical past.
Right here is clip of him explaining how fantastic the US economic system is beneath his management. 0% CPI progress in July after a terrific jobs report the place 528k jobs have been added.
Whereas President Biden is technically right (CPI didn’t enhance from June to July), he omitted that headline inflation was nonetheless painful at 8.5% YoY and core inflation was 5.9% YoY. He additionally omitted that CORE inflation rose 0.3% in July. And he omitted that REAL earnings progress was nonetheless damaging.
The midterm elections are approaching quick and, in fact, Biden and his crew should put the most effective face of his and the Democrats accomplishments. However severely Joe, REAL weekly earnings progress is damaging which means that inflation is crushing wage progress. In the meantime, CPI hire is skyrocketing and was 5.8% YoY in July.
As we all know, the CPI measure of hire is horrible and doesn’t mirror the precise rise in rents. Zillow’s Lease index YoY is slowing, however stays at 14.75% YoY, far increased than the CPI hire measure of 5.8%.
So, the Federal Authorities and Federal Reserve retains pumping trillions into the economic system, so it’s not stunning that we’ve got rampant inflation crushing renters.
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