Janet Yellen steps on Biden’s claim that prices are coming down

The one benefit to overseeing record inflation is that any decrease whatsoever can then be celebrated as a victory.

President Biden’s 2024 reelection effort might as well be called the Biden Bamboozle Tour given his claim this week about prices coming down — a claim that even Treasury Secretary Janet contradicted.

“Inflation is coming down, It’s now lower in America than any other major economy in the world. The cost of eggs, milk, chicken, gas, and so many other essential items have come down,” Biden said over the weekend during a speech in South Carolina.

According to the Financial Times, there are several major economies with a lower inflation rate than the U.S., including Canada, South Korea, Japan, and China.

Not content with stretching the truth beyond a breaking point, Biden proceeded to throw corporate America under the bus by claiming businesses are largely responsible for higher prices — many of the corporations being on board with reelecting the 81-year-old president.

“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off — price gouging, junk fees, greedflation, shrinkflation,” he added.

The dirty little secret here is that the inflation rate has come down, which means current inflation is lower than previous inflation. In a nutshell, that means prices are rising at a slower rate.

Yellen, 77, seemed to understand as much during an interview with ABC News.

“Well, I think most Americans know that prices are not likely to fall,” she explained. “It’s not the Fed’s objective to try to push the level of prices back to where they were.”

Overall, according to the RNC tweet above,  prices are up 17.3% during Biden’s presidency and gas prices, which may be lower now than a year ago, are still up 30% from when he took office.

Here’s a quick sampling of responses to the story, as seen on X:

Tom Tillison


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