"Americans are worse off since Biden took office," tweets Tea Party Patriots, noting that the current inflation rate is more than 2.5 percentage points higher than when the president took office.
Americans are worse off since Biden took office:
— Tea Party Patriots (@TPPatriots) June 18, 2023
When Biden took office, inflation was just 1.4%; TODAY, inflation is at 4.05%.
Inflation is price increases of goods and services over a year. The inflation rate, as of May 2023, is 4 percent, according to the Bureau of Labor Statistics. March of 2021 was the last time inflation was recorded lower than the current rate.
Consumers are paying prices that are rising annually at more than double the rate that the Federal Reserve has stated is its inflation target, 2 percent.
President Biden and congressional Democrats have pushed an agenda that includes more spending, more taxes, more regulations, and constraining energy production capability. They have offered no serious solution to high inflation, as prices have increased at levels far above what should be considered normal.
The American consumer is certainly worse off than when the Biden administration took office.
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