Social media users have contested Joe Biden’s assertion that inflation in the U.S. has decreased and is now lower than in any other major economy.
Biden’s Inflation Claim Challenged
On Monday, President Joe Biden stated on X, previously known as Twitter, “Inflation is coming down. It’s now lower in America than any other major economy in the world. And the costs of essential items including gas are coming down too.”
Yet, users pointed out that nations like Canada and Japan currently boast lower inflation rates.
Below Peak, Above Target
Although inflation, a significant post-pandemic cost-of-living driver, has indeed dropped from its June 2022 peak of 9.1% to 3.4% in December 2023, it remains above the Federal Reserve’s 2% target.
Bidenomics: Success or Overstatement?
While Biden credits his economic strategy, “Bidenomics,” with avoiding a feared recession, his global inflation rate comparison has been questioned, sparking skepticism and corrective input from the “community notes” feature on X.
A Reality Check
Readers citing a Financial Times report from January 17 highlighted that t “multiple major economies have a lower inflation rate than the U.S.”
This includes Canada at 3.1% as of November 2023, South Korea at 3.2% in December, Japan at 2.9% in November, and China experiencing deflation at -0.3% in December.
A Mixed Global Picture
These figures, sourced from Refinitiv, show that while U.S. inflation in November was on par with Canada at 3.1%, it was still above Japan’s rate. In contrast, U.S. inflation is currently below most European countries, with France and Germany reporting 3.7% in December, matching the EU’s 3.4%.
Public Doubts on Inflation Handling
Some commenters expressed skepticism towards Biden’s economic strategies in handling inflation. A user with the handle @GuntherEagleman simply retorted, “No it’s not.”
Biden vs Trump: Who’s Economically Better?
Others drew comparisons between Biden and Trump, the current GOP frontrunner. For instance, @Chicago1Ray pointed out, Inflation was at 0.8 % under Trump…. talk to me when you get it below that…” , highlighting the difference in inflation rates under the two administrations.
Vocal Critics
Some comments were notably harsh and unfiltered. A user, @cashmymemes, strongly criticized Biden, saying, “We are living in the worst time in modern history thanks to you and your corrupt pedo family”, expressing intense disapproval of both his presidency and personal life.
Strong Growth Amidst Inflation
The U.S. economy’s strong performance, with a 3.3% GDP growth last quarter, is expected to bolster Biden’s campaign in the upcoming November 5 election, potentially against Donald Trump.
Economic Optimism Ahead
Recent successes in the U.S. economy have boosted voter confidence, as shown in recent polls. Joanne Hsu, director of surveys at the University of Michigan Institute for Social Research, told Newsweek that consumers are increasingly optimistic, believing that the decline in inflation is here to stay.
Consumer Confidence
This sentiment was reflected in a January survey where consumer confidence surged by 13% to its highest since July 2021. Hsu also noted that people are “more confident” about the labor market and expect their incomes to improve in the coming year.
Biden’s Inflation Remarks
President Joe Biden, speaking in Milwaukee on December 20, 2023, claimed that U.S. inflation is among the lowest “of any major economy.” This follows a downward trend in inflation for over a year after significant increases.
Inflation Under Biden’s Presidency
Inflation escalated post Biden’s entry into office in January 2021, peaking at 9.1% in June 2022, the highest in four decades. According to Republican members of the Joint Economic Committee in Congress, inflation has cost each household an average of $11,434 annually since 2021, but Democratic members highlight that average wages have increased by $14,970.
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