Liberal America is publicly touting the current 2.9% inflation rate as an economic victory. However, those of us who live on planet Earth are quick to point out just how good this “victory” feels, especially in comparison to life during the Trump administration. Under President Trump, the average annual inflation rate was 1.9%. While already low, this figure includes 2020—a year when national and global production was nearly at a standstill. This period of low inflation allowed consumers to pay stable prices for goods and services. However, under President Biden, inflation has averaged 5.7% per year, with a peak of nearly 9% in 2022. Harris, the protégé and partner of Biden, has claimed this “victory” as her own. This represents a deceptive twist on reality to spin a bleak economic future in a positive light—a boost greatly needed for Kamala in this election season.
The headline inflation figure of 2.9% doesn’t capture the financial strain many Americans are experiencing. This figure is misleading. It doesn’t represent current prices but rather compares price increases to this point in the previous year—keeping in mind the 5.7% average yearly inflation of the previous three years. This means that prices have rapidly outpaced average wage increases, reducing purchasing power for the majority of American households. This is hardly an improvement to American lives, especially when comparing Biden’s effect on the economy to that of Trump’s.
The owner of four restaurants made this video when inflation was at 3.5%. Today, we’re told that inflation is at 2.9%. He looked at the prices of some products and concluded that the government’s inflation numbers don’t make sense. Since February, food prices have increased:
— I Meme Therefore I Am 🇺🇸 (@ImMeme0) August 14, 2024
-… pic.twitter.com/0bTp5jAbad
Don’t be deceived; consider the whole picture. In 2022, inflation skyrocketed to 9%, quickly increasing the cost of living. The current 2.9% inflation rate represents a slower rate of increase, but it’s built on the high price levels established during the previous year. In short, the high cost of goods remains and continues to climb, just at a lower rate. The Democrats, with Kamala now at the helm, have taken this figure to represent economic prosperity, but in reality, our dollar does not stretch as far. We know this. We can feel this. The Democrats ignore this and blindly celebrate.
NEW: Man claims his Walmart shopping list has increased by 225% since 2022.
— Collin Rugg (@CollinRugg) June 27, 2024
Don't worry, folks. The economy is perfect according to the Biden White House.
The user named 'Sewerlidd' on TT says the same Walmart shopping cart that cost him $127 in 2022 now costs a whopping… pic.twitter.com/zcellYQdbg
Life was measurably better under Trump’s previous leadership, but it’s important to use the correct measures. Real Wage Growth, for one, measures consumers’ purchasing power and is likely more significant to consumers. Democrats avoid using this measure as it tangibly explains the financial strain felt by consumers during this administration and the prosperity felt previously under Trump. Since Kamala has claimed responsibility for the so-called “success” of the last four years, she needs to be held accountable. It’s time to let the felon get us out of this mess again.
References:
- Srinivasan, Hiranmayi. “U.S. Inflation Rate by President: From Eisenhower to Biden.” Investopedia. Accessed August 15, 2024. https://www.investopedia.com/us-inflation-rate-by-president-8546447#toc-donald-trump-20172021.
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