August 14, 2022

JOE CHONCHA: Biden frontrunner for ‘Lie of the Year’ award as many in media look the other way.

“I just want to say a number: zero. Today, we received news that our economy had zero inflation in the month of July. Zero percent. Here’s what that means: While the price of some things go up — went up last month, the price of other things went down by the same amount. The result? Zero inflation last month.”

That was President Biden speaking to the country last Wednesday. His administration has attempted to redefine what infrastructure means (it’s not only about improving roads, bridges and power grids, but also about paid family leave and child care) and what a recession means (it’s not two straight quarters of negative GDP growth anymore). But it just moved into the lead to win the “Lie of the Year” award with the claim that the U.S. economy is experiencing zero inflation.

The facts: Inflation still stands near a 40-year high and came in at 8.5 percent in July.

“Prices have risen across a wide range of goods and services, leaving most Americans worse off,” the AP reported this week. “Average paychecks are rising faster than they have in decades — but not fast enough to keep up with accelerating costs for such items as food, rent, autos and medical services.”

In other words, the money coming into the average household still isn’t keeping up with the cost of everyday items. But the president and this administration decided to turn the most basic economic norms on their head for cheap political gain by arguing that since the inflation rate fell by six-tenths of a percentage point to 8.5 percent in July compared to the same month of last year, that somehow means zero percent.

To be fair, as an Obama administration retread, Joe’s in good company for the Lie of the Year Award:

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