What Biden Meant When He Said Zero Inflation (July CPI Rose 0% In July) While REAL Earnings Growth Remains Negative And Rent CPI Soars

by confoundedinterest17

Joe Biden is surely the worst communicator in Presidential historical past.

Here is clip of him explaining how wonderful the US economy is under his leadership. 0% CPI progress in July after an ideal jobs report the place 528k jobs had been added.

Whereas President Biden is technically appropriate (CPI didn’t enhance from June to July), he ignored that headline inflation was nonetheless painful at 8.5% YoY and core inflation was 5.9% YoY. He additionally ignored that CORE inflation rose 0.3% in July. And he ignored that REAL earnings progress was nonetheless adverse.

The midterm elections are approaching quick and, after all, Biden and his crew should put the very best face of his and the Democrats accomplishments. However critically Joe, REAL weekly earnings progress is adverse which means that inflation is crushing wage progress. In the meantime, CPI hire is skyrocketing and was 5.8% YoY in July.

As we all know, the CPI measure of hire is horrible and doesn’t mirror the precise rise in rents. Zillow’s Lease index YoY is slowing, however stays at 14.75% YoY, far increased than the CPI hire measure of 5.8%.

So, the Federal Authorities and Federal Reserve retains pumping trillions into the financial system, so it isn’t stunning that we now have rampant inflation crushing renters.