As Americans continue to feel the economic squeeze, the mainstream media is trying to convince consumers that things aren’t as bad as the raw data may seem.
On Wednesday, the Labor Department released data on the consumer price index, showing that prices have risen 8.5% in July from where they were last year. While this is down from the 9.1% in June, lower gas prices are largely being credited for the cool down. However, inflation is still hovering around a four-decade high and a slight drop is not causing Americans to jump for joy.
This has not stopped Democrats and the media from trying to pass the report off as a win:
Big news this morning. The Consumer Price Index is falling, inflation is slowly dropping, and stocks are soaring.
While Republicans like David Rouzer complain about inflation, Democrats deliver.
— Charles Graham (@CharlesGrahamNC) August 10, 2022
NEW: Year to year inflation was 8.5% in July, according to today’s Consumer Price Index from the Bureau of Labor Statistics. Down from 9.1% in June and better than expectations.
— Ana Cabrera (@AnaCabrera) August 10, 2022
Can’t wait for the presser today @PressSec Hit the naysayers hard.
— DRode 🦋💜 ☮️Resist #Medias Mighty #Voterizer (@debr3322) August 10, 2022
Plus we have RBOB gas futures tracking below $3 in all the future months. We could be headed down to below $3 per gallon gasoline by labor day.
Cons everywhere are in panic mode. I found a pic of GOP strategists right now. pic.twitter.com/AlLrqY568R
— Four Seasons Total Landscaping (@durbinwatson09) August 10, 2022
Thank you for reporting that GOOD NEWS!🥳👍🤗🗽
— boomer (@leftatheart1) August 10, 2022
Things are starting to look up for Biden. It was only a matter of time
— Michael bolton (@Billyh2392) August 10, 2022
In fact, when you add in other economic indicators like wage growth, it appears as though not much has really changed.
Consumer inflation in July cools to *just* 8.5% down from 9.1% in June. Wages are growing at 5.2% so those gains wiped out by inflation. Real wages declining. Energy prices still up 32.9% in the last year.
Fuel oil +75.6%. Gasoline all types +44%.
— Dagen McDowell (@dagenmcdowell) August 10, 2022
The Left will tout July’s consumer price index of 8.5% as a sign that the economy is improving, but it still remains near a 40-year high.
Additionally, the House is poised to pass the Inflation Acceleration Act this week, which will only add fuel to the fire. #BuildBackBroke
— Matt Rosendale (@RepRosendale) August 10, 2022
The CPI (consumer price index) rose 8.5%(!) year over year for July, slightly below expectations of 8.7% and below last month’s 9.1%.
Core CPI also came in lower than expectations, up 5.9% year over year (exp 6.1%).
8.5% inflation still a huge number… but *slightly* lower.
— The Wokest Numbersmuncher (@NumbersMuncher) August 10, 2022
Biden announced that US inflation was 0% in July.
Fuel oil: +75.6%
Meat, poultry and fish: +9.3%
Baby food: +15%
Public transport: +19%
Airline fares: +27.7%
Real average hourly earnings: -3% pic.twitter.com/vlMY1QDjDQ
— Ignorance, the root and stem of all evil (@ivan_8848) August 10, 2022
“Labor Department said the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.5% in July..real earnings actually dropped 3.0% in July.
— Phil Holloway ❄️ 😭 (@PhilHollowayEsq) August 10, 2022
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