In a statement, U.S. President Joe Biden asserted that the inflation level when his administration assumed office in 2021 was 9 percent, and the CPI indicator was around 1.4 percent at that time.
According to the president, no previous government has done better in terms of generating employment opportunities and reducing inflation than the current one. I took over at 9 percent, Biden added.
This is not the first time President Joe will refer to it. In an April statement, Biden stated that his administration has done well to significantly minimize the level of inflation from the initial 9 percent to 3 percent. The situation is far better than it was when we assumed office.
After 18 months in office, President Joe’s administration saw inflation increase from 1.4 percent to 9.1 percent in June 2022. However, it has decreased to 3.5 percent as of March 2024. From this analysis, it seems to have performed well above the National Reserve threshold level of 2%.
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In his endeavor to establish his argument to the nation, President Joe said the country isn’t doing badly economically with his strategies and plans against the former government, with whom he stands to contend for the opportunity to continue another four-year reign.
According to a survey by the news media in March 2024, although President Joe boasted of an incredible performance, some still weren’t satisfied with his approach to managing the nation’s economic affairs. The result shows that over thirty-eight percent of the citizens supported his methods.
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American families are struggling due to the upsurge that occurred during President Biden’s early days in office, even though the level of inflation has decreased from a 9.1 percent cap.
The inflation level has periodically been modified during the four years of presidential administration. At the same time, the general prices of shelter rose by 21 percent, energy by 36.9 percent, and food by 21 percent.
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President Joe’s assertion regarding inflation is much the same as one he also did for the price of gas, in Oct 2022, to be precise. In the two scenarios, he incorrectly represented facts and numbers.
A spokesperson from the government said via an electronic message that President Biden was referring to some inflation-causative agents already at work. In addition, business and economic activities were affected globally as a result of the pandemic issue at the moment he assumed office.
The disclosure of the latest CPI information and the inflation level for April 2024 will be made public. The result from the separate PPI information issued on Tuesday, May 14, indicated the wild inflation level of wholesalers.
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