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Biden Claims He Inherited ‘Skyrocketing’ Inflation From Trump, Stats Show a Completely Different Story

In a recent press conference, President Joe Biden claimed that he took office during a period of skyrocketing inflation.

This statement conflicts with historical data from the Bureau of Labor Statistics, which shows a significantly lower inflation rate at the beginning of his term.

During his interaction with the press, President Biden responded to concerns about persistently high inflation by suggesting that his administration had inherited an unfavorable economic environment and successfully lowered inflation from its peak during his tenure.

“Look, we have dramatically reduced inflation from 9% down to close to 3%.

We’re in a situation where we’re better situated than we were when we took office where we — inflation was skyrocketing,” Biden told reporters.

Credits: DepositPhotos

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However, official stats reveal a completely different story. Inflation was relatively tame at 1.4% in January 2021, at the start of the President’s term. 

In fact, it stayed low at around 3% until it jumped to over 4% several months later, eventually reaching a 40-year high of 9.1%.

According to the latest Consumer Price Index figures, inflation has moderated but experienced fluctuations in recent months, complicating the economic outlook and potential Federal Reserve actions.

The White House attributed the initial low inflation rates and subsequent spikes to pandemic-related disruptions in supply chains and consumer spending patterns, exacerbated further by geopolitical events such as Russia’s invasion of Ukraine.

Credits: DepositPhotos

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To combat rising prices, President Biden has implemented several measures, including enhancing supply chain logistics and tapping into the U.S. Strategic Petroleum Reserve, aimed at stabilizing the market and curbing inflation.

Despite these efforts, American households continue to face significant financial stress due to ongoing high costs for essentials such as housing and gasoline, which were primary contributors to the latest inflation increase.

The report highlighted that rent and gasoline prices had the most substantial impact on the inflation rate last month. 

Credits: DepositPhotos

Rents have risen 5.7% year-over-year, while gasoline prices increased by 1.7% in March alone.

Economists have expressed concern over the inflation data, noting that there are few signs of relief for consumers grappling with the current economic conditions.

The discrepancy between President Biden’s remarks on the state of inflation at the onset of his administration and the actual data has sparked a debate about the accuracy of public statements and the reality of economic challenges facing the U.S. 

As the administration continues to address these issues, the effectiveness of its policies remains under close scrutiny by both critics and supporters.

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Monica Balmes is a talented copywriter with a passion for creating engaging and informative content.