He doesn't believe it, he just knows people are stupid and that the media is

https://nypost.com/2024/05/08/us-news/biden-claims-inflation-was-9-when-he-came-into-office-when-it-actually-was-1-4/

He's so empathetic with average Americans too. When Erin Burnett talked to Biden about grocery prices being up 30%, his response that we have the money to spend is really special.

It's also interesting that he blames high prices on corporate greed. It's really revealing that corporate America has such a hard on for Joe that corporate greed was on hold for Trump, Obama, Bush, et al.

If he truly believes inflation was at 9% when he was sworn in, it makes perfect sense that he feels he's done a great job that Americans just can't appreciate.

The man is not well and for the good of the country needs to step aside. He is not competent to be POTUS.

Tiggity®

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He may be correct if he's using real data and not gubmint data

May 10, 2024, 9:10 AM

Would be a big slip though. Lol. I think even the "real" data wasn't that high in late 2020.

Something I never noticed that I ONLY noticed the other day. I've mentioned many times we did a refi in 11/2021, right at the time of the lowest mortgage rates ever. I'm sure many others did too. I think the 30 year rate was right around 3% (or a tad below) in 11/2021 when we did our refi. At the time, the fed lending rate was 0-.25%, basically zero. This was done in response to the pandemic, obviously. AND EVERYONE JUMPED to refinance in late 2021.

What I NEVER KNEW was that in 11/2021 the official CPI number was right at 7%. In 2/2021 CPI was at 1.7% and by 11/2021 it had jumped to 7%, on it's way up over 9%. But at that time literally no one was contemplating inflation. Like no one. Sure there were shortages of things, that caused some inflation for certain products, but that was supply chain stuff, written off as localized.

So my question is WHY was inflation never on the radar for anyone in 11/2021 when the refi boom peaked? I know if I'm the fed and I see the CPI jump to 7% from below 2% in a 9 month period, I'd be concerned by 11/2021, or even before, FOR SURE. I know if I was a lender of money for mortgages, and I saw a 7% CPI, I'd CERTAINLY think twice about loaning someone a mortgage at a rate of 3% or less. It's as if everyone ONLY looked at the low fed rate and acted on that, instead of actually looking at things that IMPACT the fed rate. Even the Fed I guess?

Anyway, all water under the bridge now, but I thought this was interesting. We had already nearly reached peak inflation when the refi boom happened in late 2021. I think inflation peaked over 9% in early 2022, and we seem to think that inflation came out of nowhere. It didn't. It came to our attention only when the fed reacted to it, too late, as Powell has lamented.