Biden repeats lie that inflation ‘was at 9% when I came in’ as president
WASHINGTON — President Biden again claimed Tuesday that the annual US inflation rate was 9% when he took office in January 2021 — when it actually was 1.4% and didn’t pass 9% until 17 months into his term — as he attempted to deflect public disenchantment with the economy.
The 81-year-old president made the incorrect assertion when asked during a brief interview with Yahoo Finance why families don’t feel very “wealthy” right now.
“I think inflation has gone slightly up. It was at 9% when I came in and it’s now down to about 3%,” Biden claimed, illogically.
“But the fact is, I think people are just uncertain. And that’s why we got to be steady, stay the course and continue to produce these incredible job [sic].”
Biden added: “And by the way, the pay for the jobs are outpacing the inflation rate that they’re paying. We’re gonna be able to deal with this. It’s gonna take a little more time, but we’re just focused on it.”
Contrary to the president’s claim, median weekly wages have not kept up with the worst inflation in a generation, according to the latest quarterly data published by the Bureau of Labor Statistics.
The White House did not immediately respond to The Post’s request for comment on the discrepancy.
Biden last Wednesday also claimed inflation “was 9% when I came to office” during an interview with CNN host Erin Burnett, even though the annual inflation rate didn’t exceed that threshold until June 2022, an increase not seen since the early 1980s.
Fresh inflation figures for April will be released Wednesday morning, after the annual rate of price increases remained at a stubbornly high 3.5% for March.
Biden has consistently sought to shift blame for inflation over the past several months.
“Do I take any blame for inflation? No,” Biden said in February 2023.
“Because it was already there when I got here, man.”
The White House has sought to blame factors such as COVID-19-induced supply chain disruptions and Russia’s February 2022 invasion of Ukraine, while Biden critics point to large spending bills passed in the first months of his term.
Prominent Democratic economists Steven Rattner and Larry Summers have blamed inflation on massive packages passed under Biden — with Rattner calling the $1.9 trillion stimulus law passed in March 2021 the “original sin” of the inflation surge.
Economic frustrations over prices and high interest rates are dragging on Biden’s bid for a second term ahead of an anticipated rematch against former President Donald Trump in November.
The cumulative effect of inflation under Biden has caused the average consumer cost of goods and services to soar more than 19% since he took office, according to Bureau of Labor Statistics data.
By comparison, inflation during Trump’s four years in office resulted in average prices increasing by about 8%, or roughly 2% per year.
The Federal Reserve, which raised interest rates in response to the inflation crisis, was expected to begin cutting interest rates this year, but unexpectedly persistent inflation has delayed the timeframe.
Average credit card interest rates currently are 27.65% — nearly double the 14.6% average when Biden took office — resulting in a significant increase in consumer debt, and typical 30-year home mortgage rates have spiked from 2.65% to more than 7%, crippling the real estate market.
An ABC News/Ipsos poll this month found that just 32% of Americans say they trust Biden to handle the economy, while 46% say they trust Trump.
