President Joe Biden posted a victory tweet earlier today after it was reported that inflation was a lower-than-expected 7.7 percent. Biden seems to think that the Inflation Reduction Act is doing the trick:
Today’s inflation report shows my plan is working and folks are starting to see progress.
It's been a hard 2 years recovering from where we were in early 2021. But our economy is open, new jobs are being created, and soon my plan to reduce drug and energy costs goes into effect.
— President Biden (@POTUS) November 10, 2022
We’re still looking at the highest inflation in the last 40 years, but look how far we’ve come from early 2021, when your Fourth of July barbecue cost $0.16 less than 2020, when President Trump was still running things.
There is finally some disinflation happening.
One key metric – prices excluding food, energy, and shelter: DOWN 0.1% in October from September, first monthly decline since May 2020.
Y-o-y still up 5.9%, the lowest since Nov. 2021.
— Chris Rugaber (@ChrisRugaber) November 10, 2022
Prices excluding food, energy, and shelter. Chris Rugaber even says later in his thread that shelter makes up about a third of the index:
Housing — or shelter as the government calls it in the CPI report — is important because it makes up about a third of the index. It accounted for more than half of this month's increase in inflation. This is food, gas, and shelter year over year: pic.twitter.com/UmkvOh3ctm
— Chris Rugaber (@ChrisRugaber) November 10, 2022
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That’s like a chart that Ron Klain would tweet out, but zoomed in on the last two months only.
Why would you exclude shelter? Shelter is included in core CPI, no?
Shelter: up 0.8% in Oct
Food: up 0.6% in Oct
Energy: up 1.8% in Oct
Fuel oil: up 19.8% in Oct as winter approaches."Disinflation" is mainly in used cars (-2.4%) and apparel (-0.7%).https://t.co/mmMWI2oWC0 https://t.co/kNjh1AcPkA
— Ed Morrissey (@EdMorrissey) November 10, 2022
Shelter is part of core CPI, this is exceedingly misleading.
— Paddy (@paddywindycity) November 10, 2022
Excluding food energy and shelter. The stuff people need most.
— Steel Chicken (@FredSan37316166) November 10, 2022
Minus the 3 most important things people use everyday we’re down an amount no one will be able to feel. Great news everyone!!!!
— MD (@merelydata) November 10, 2022
Excluding food and shelter… so prices dropped on goods people buy with expendable income?
Likely because people have less so they had to, not any positive indicator.
How is this a good thing other than cherry picking for political reasons?— Floplag (@floplag) November 10, 2022
This is quite the spin. I always appreciate people looking for a silver lining. That being said. The draw from shelter, energy, and food is forcing non-spending in other areas.
— Thirteen O'Clock – Todd (@o_thirteen) November 10, 2022
My wallet tells me different and that's what I listen to.
— DB-Indy (@denbrinson) November 10, 2022
This is what people call disinformation.
— Ædwyne (@EMPDL) November 10, 2022
The crime rate is 0% if you exclude crime.
— Rambo (@buildingdoc1107) November 10, 2022
So you’re excluding the 3 most important metrics to people in the real world to try to give a good spin on inflation? Good grief!
— KC 🇺🇸 🇺🇸 (@kcv2015) November 10, 2022
So, as long you as you don’t eat, drive, require heat, or have a place to live, everything’s rosy. And prices on “excluding food, energy, and shelter” are bound to go down since people are spending all avail $$ on food, energy, and shelter…
— Andrew David (@rip242) November 10, 2022
So excluding the main things we all need to live?
— Tim (@Plain_Old_Tim) November 10, 2022
Why do you think it makes sense to exclude food, energy & shelter? This is ridiculous. Those are must have expenses for every home. What the hell is left after food energy & shelter? Discretionary spending! People have no money / they aren’t buying so demand this prices go down
— Second Wind (@SecondWind2019) November 10, 2022
I wouldn't characterize slight reduction in historically high inflation as disinflation, I would characterize your tweet as disinformation though. Not a high five moment.
— Samuel Adams (@ovnebr) November 10, 2022
🤣🤣🤣🤣 0.1%. GREAT JOB, Biden
— Texas Thor (@thor_of_texas) November 10, 2022
That’s what we’re expected to believe. Biden’s plan is working and we’re beginning to see the results. Birdwatch needs to add some content to Biden’s tweet, and this one as well.
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Editor’s Note: Republican voters deserve answers and accountability for the failed red wave.
Related:
Talk about scary: Karine Jean-Pierre says GOP-led Congress ‘would hurt the economy, worsen inflation’ https://t.co/h2F7JUCsrg
— Twitchy Team (@TwitchyTeam) November 10, 2022
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