President Biden and his cohorts in the White House, have been making the point recently that things are good now that inflation has come way down from its highs. In making these assertions, he is trying to take advantage of what he perceives is the economic ignorance of the American people.
Let’s be clear: When the rate of inflation comes down from 9% to 3%, what that means is that instead of prices going up at a 9% annual rate, they are instead going up at a 3% rate. Biden is trying to trick the public into thinking that the rate coming down from its high of 9% means that prices are coming down. But this is nonsense, and in fact, even at 3%, prices are going up faster than they have been going up since 2007. That is why people are confused. They’re thinking that there is this lower rate of inflation, so why does it still seem that prices are rising? The answer is because prices really are still rising, and at a very significant rate.
My only question is whether Biden is intentionally trying to bamboozle the American public, or whether he himself is so economically ignorant, that he actually believes this himself?