Research | The Leader Board | THE NEWSROOM | Republican LeaderSkip to primary navigation Skip to content×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELL×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUFacebookTwitterInstagramFacebookTwitterInstagramVisit Senator McConnell's site here THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUHomeTHE NEWSROOMThe Leader Board05.15.24Biden’s Brazen Lies Can’t Ease The Sting Of Three Years Of InflationInflation Remained Well Above The Fed’s Target Rate In April, And With Americans Upset At How Much Price Increases Keep Taking Out Of Their Paychecks, President Biden Has Taken To Blatant Attempts To Gaslight Voters About It Desperate To Deflect Blame For The Inflation His Economic Policies Caused, President Biden Has Taken To Outright Lying About It“Twice in just the past week, he [Biden] flatly has said inflation was 9 percent when he became president — when inflation was 1.4 percent when he took office.” (“Biden’s False Claim That Inflation Was 9 Percent When He Took Office,” The Washington Post, 5/15/2024)· THE WASHINGTON POST: “These are all variations on a theme — that inflation was already raging when Biden took office. But that’s false. The inflation rate was 1.4 percent when Biden took the oath of office.” (“Biden’s False Claim That Inflation Was 9 Percent When He Took Office,” The Washington Post, 5/15/2024)PRESIDENT JOE BIDEN: “[N]o president's had the run we have had, in terms of creating jobs and bringing down inflation. It was 9 percent when I came to office, 9 percent.” (CNN’s “Erin Burnett Outfront,” 5/08/2024)· BIDEN: “It [Inflation] was at 9% when I came in and it's now down around 3%.” (“China Tariffs Are About 'Being Fair,' Biden Tells Yahoo Finance,” Yahoo! Finance, 5/14/2024)· BIDEN: “We have dramatically reduced inflation from 9 percent down to close to 3 percent. We’re in a situation where we’re better situated than we were when we took office where inflation was skyrocketing.” (Pres. Biden, Press Conference, 4/10/2024)“Biden’s claim is false: The annual rate of inflation was significantly lower when he took office in January 2021 and did not reach 9 percent until June 2022. According to the consumer price index—the most common measure of U.S. inflation—the annual rate of inflation was only 1.4 percent in January 2021, the month Biden was sworn into office.” (“President Biden Makes A False Claim About Inflation In CNN Interview,” The Dispatch, 5/09/2024)· “Three times now, Biden has suggested that inflation was 9 percent — ‘skyrocketing’ — when he took office. But it was 1.4 percent in January 2021.” (“Biden’s False Claim That Inflation Was 9 Percent When He Took Office,” The Washington Post, 5/15/2024)Even The Washington Post Finds This Falsehood Worthy Of ‘Four Pinocchios’“[T]he fact that the president has gotten this wrong three times suggests this is more than slip of the tongue. He earns Four Pinocchios.” (“Biden’s False Claim That Inflation Was 9 Percent When He Took Office,” The Washington Post, 5/15/2024)‘Inflation Continues To Be An Albatross For President Biden As He Seeks Reelection’“Inflation continues to be an albatross for President Biden as he seeks reelection.” (“Biden’s False Claim That Inflation Was 9 Percent When He Took Office,” The Washington Post, 5/15/2024)· “Those inflation blues have become a stubborn political problem for President Biden…” (The Wall Street Journal, 5/15/2024)“President Joe Biden began the year confident that his lengthy war on inflation was nearing a desired end. But it hasn’t yet materialized. And it’s forcing Biden to adjust what he and his team thought would be a winning economic message for them this election season.” (“Biden Hoped For A Big Economic Story To Tell. Now, He’s Going Small,” Politico, 5/04/2024) ‘The Biden Administration’s Insistence That The Economy Is Faring Well Has Fallen Flat For Many Voters’‘You Get Your Paycheck And It Looks Good, But When You Pay The Bills Out, It’s Like, “Wow, It’s All Gone”’“The Biden administration’s insistence that the economy is faring well has fallen flat for many voters, including Jacob Sprague, 32, who works as a systems engineer in Reno, Nev. He says that he voted for Mr. Biden in 2020 but will not be doing so this time.” (“Trump Leads In 5 Key States, As Young And Nonwhite Voters Express Discontent With Biden,” The New York Times, 5/13/2024)· “‘It is concerning to me when I keep seeing press come out of the White House where they keep saying the economy is good,’ Mr. Sprague said. ‘That’s really weird because I’m paying more on taxes and more on groceries and more on housing and more on fuel. So that doesn’t feel good.’” (“Trump Leads In 5 Key States, As Young And Nonwhite Voters Express Discontent With Biden,” The New York Times, 5/13/2024)“‘Things are really uncertain, not knowing what’s going to happen with interest rates and what’s going to happen with the whole economy,’ said Dave Flannery, whose family operates the Apple Holler orchard and farm just a few miles from where Biden is set to visit on Wednesday.” (“Biden Touts Economic Achievements In Wisconsin Amid Persistent Concerns On Inflation,” CNN, 5/08/2024)“Tom Oberhaus, whose family owns Cozy Nook Farm about an hour away near Waukesha, said inflation is one of the biggest criticisms he has about the Biden administration.” (“Biden Touts Economic Achievements In Wisconsin Amid Persistent Concerns On Inflation,” CNN, 5/08/2024)· “‘You get your paycheck and it looks good, but when you pay the bills out, it’s like, “Wow, it’s all gone,”’ Oberhaus said. ‘To me, inflation is the big overriding problem economically.’ Asked whether it was fair to place the blame entirely on Biden, Oberhaus said: ‘They are the administration that’s in power.’” (“Biden Touts Economic Achievements In Wisconsin Amid Persistent Concerns On Inflation,” CNN, 5/08/2024)‘Voters Are Still Blaming Biden For High Consumer Prices’ While ‘More Than Half Of Voters Still Believe That The Economy Is “Poor”’ FINANCIAL TIMES: “Joe Biden’s re-election prospects are being dogged by persistent fears over inflation, with 80 per cent of voters saying high prices are one of their biggest financial challenges, according to a new poll for the Financial Times.” (“Support For Joe Biden’s Economic Policies Wanes Amid Inflation Fears, FT Poll Finds,” Financial Times, 5/12/2024)· “The survey found voters are growing less supportive of the president’s economic policies, with 58 per cent of voters disapproving of his handling of the economy, up from 55 per cent last month — 40 per cent approved. Only 28 per cent of voters said Biden had helped the economy — a drop of four points compared to last month.” (“Support For Joe Biden’s Economic Policies Wanes Amid Inflation Fears, FT Poll Finds,” Financial Times, 5/12/2024)“The poll results, which come less than six months before November’s presidential election, suggest voters are still blaming Biden for high consumer prices such as those for [gasoline] and food…” (“Support For Joe Biden’s Economic Policies Wanes Amid Inflation Fears, FT Poll Finds,” Financial Times, 5/12/2024)“Aside from anxiety about inflation, the poll also found 49 per cent of voters are concerned about income levels, up from 45 per cent, and just under a third — 32 per cent — are worried about housing costs, compared to 27 per cent in April.” (“Support For Joe Biden’s Economic Policies Wanes Amid Inflation Fears, FT Poll Finds,” Financial Times, 5/12/2024)THE NEW YORK TIMES; “The findings reveal widespread dissatisfaction with the state of the country and serious doubts about Mr. Biden’s ability to deliver major improvements to American life.” (“Trump Leads In 5 Key States, As Young And Nonwhite Voters Express Discontent With Biden,” The New York Times, 5/13/2024)· “The sense that Mr. Biden would do little to improve the nation’s fortunes has helped erode his standing among young, Black and Hispanic voters, who usually represent the foundation of any Democratic path to the presidency.” (“Trump Leads In 5 Key States, As Young And Nonwhite Voters Express Discontent With Biden,” The New York Times, 5/13/2024)“The economy and the cost of living, however, remain the most important issues for one-quarter of voters — and a significant drag on Mr. Biden’s prospects.” (“Trump Leads In 5 Key States, As Young And Nonwhite Voters Express Discontent With Biden,” The New York Times, 5/13/2024)“More than half of voters still believe that the economy is ‘poor’…” (“Trump Leads In 5 Key States, As Young And Nonwhite Voters Express Discontent With Biden,” The New York Times, 5/13/2024) Three Years Into Biden’s Presidency: ‘Inflation Is Still Higher Than Normal’“The consumer-price index, a gauge for goods and service costs across the U.S. economy, rose 3.4% in April from a year ago, the Labor Department said Wednesday.” (The Wall Street Journal, 5/15/2024)“The takeaway: Inflation is still higher than normal, and Federal Reserve officials are far from declaring victory.” (The Washington Post, 5/15/2024)· “Inflation, as measured by the year-over-year percentage change in the consumer price index, spiked to a 9 percent annual rate in June 2022. That was the highest level in 43 years.” (“Biden’s False Claim That Inflation Was 9 Percent When He Took Office,” The Washington Post, 5/15/2024)“Excluding volatile food and energy costs, so-called core prices rose 0.3% from March to April after three straight months of 0.4% increases. Measured with a year earlier, core prices increased 3.6% in April …” (The Associated Press, 5/15/2024)“[P]rices are still higher than they were just a few years ago, disgruntling many voters who strain to cover the basics.” (The Washington Post, 5/15/2024)“Rising gasoline and shelter costs accounted for more than 70% of the monthly increase in overall inflation, according to the report.” (CNN, 5/15/2024)· “For the inflation report, price gains on the month were driven heavily by rises in both shelter and energy…. Both are levels uncomfortably high for a Fed trying to drive overall inflation back down to 2%.” (“CPI Report Shows Inflation Easing In April, With Consumer Prices Still Rising 3.4% From A Year Ago,” CNBC, 5/15/2024)The Costs Of Housing, Gas, Car Insurance, And Clothing All Rose Significantly In April“In a trend that has been frustrating for the inflation fighters at the Fed, apartment rental prices remained stubbornly high in April, climbing 0.4% from March. Average apartment rents are 5.4% higher than they were a year earlier. Rental and other housing costs accounted for two-thirds of the year-over-year increase in core prices.” (The Associated Press, 5/15/2024)· “[H]ousing costs in the Consumer Price Index have continued to rise more quickly than before the coronavirus pandemic, a pattern that continued in April.” (The New York Times, 5/15/2024)· “Housing is by far the largest monthly expense for most families, which means that it also plays an outsize role in inflation calculations. If rents keep rising at their current rate, it will be hard for inflation overall to return to normal.” (The New York Times, 5/15/2024)“For more than a year, forecasters have been predicting that the government’s measure of housing inflation would ease, citing private-sector data showing rent increases slowing. Instead, housing costs in the Consumer Price Index have continued to rise more quickly than before the pandemic, a pattern that continued in April.” (“What To Know About The Inflation Report,” The New York Times, 5/15/2024)· “‘The initial reaction from the market to this data is that this is a relief, and it’s good news, because we’re not re-accelerating,’ said Blerina Uruci, chief U.S. economist at T. Rowe Price. ‘But when I look at the details, it seems to suggest a degree of stickiness in inflation,’ in part because of housing.” (“What To Know About The Inflation Report,” The New York Times, 5/15/2024)“Gasoline prices … rose a seasonally adjusted 2.8 percent in April from March.” (The New York Times, 5/15/2024)“Motor vehicle insurance continued its painful rise in April, climbing 1.8% for the month and rising to 22.6% annually. Repair and maintenance costs were flat for the month but are still running well above overall inflation at 7.6% annually.” (CNN, 5/15/2024)“Apparel prices jumped higher for the month, with some categories such as men’s shirts and women’s suits up nearly 3%.” (CNN, 5/15/2024)‘Millions Of Americans Are Still Feeling The Squeeze Of Higher Prices’“Millions of Americans are still feeling the squeeze of higher prices.” (The Wall Street Journal, 5/15/2024)“Americans’ outlook darkened in part due to expectations that both inflation and interest rates will stay elevated, pressuring households’ day-to-day budgets and keeping mortgage rates high.” (The Wall Street Journal, 5/15/2024)“Tracy Bell, chief investment officer at First Horizon Advisors, said prices in most cases won’t be returning to pre-pandemic levels … ‘If you look at food, prices for things like fertilizer, equipment, transportation, labor — all of that has gone up,’ she said. ‘If you think about the chain of events that it takes to get food from the fields to the grocery shelves, all those costs along the way have increased, and all that goes into price.’” (NBC News, 5/15/2024)“The inflation increase was bad news for workers, who saw earnings fall 0.2% on the month when adjusted for inflation. On a 12-month basis, real earnings rose just 0.5%.” (CNBC, 5/15/2024)Bottom Line: ‘Inflation Is Still Too High’JASON FURMAN, Former Obama White House Council of Economic Advisors Chairman: “Bottom line: A relatively dull report that won't change anything. Inflation is still too high.” (Jason Furman, @jasonfurman, Twitter, 5/15/2024) Persistently High Inflation Means Interest ‘Rates Are Going To Stay High’“On its own, Wednesday’s reading won’t be enough to change Fed officials’ calculus for if and when to begin cutting rates, which affect borrowing costs across the economy.” (The Wall Street Journal, 5/15/2024)· “Officials have made clear that rates are going to stay high for as long as it takes to get inflation back to the Fed’s 2 percent target.” (The Washington Post, 5/15/2024)“Speaking at an event in Amsterdam on Tuesday, Jerome H. Powell, the Fed chair, reiterated that recent inflation readings had made him more cautious about cutting rates…. Any further delay would add to the pain for low- and moderate-income Americans, who are increasingly struggling to manage the burden of higher borrowing costs. On Tuesday, the Federal Reserve Bank of New York released data showing that a rising share of borrowers are falling behind on their credit card bills as rates on those debts have skyrocketed.” (The New York Times, 5/15/2024)· “Without any imminent movement by the Fed, mortgage rates are expected to remain high, exacerbating the nation’s housing crunch.” (“Biden Hoped For A Big Economic Story To Tell. Now, He’s Going Small,” Politico, 5/04/2024) The Cumulative Effect Of Inflation Since President Biden Took Office Has Americans Paying Significantly Higher Prices For Food, Energy, Transportation, Housing, And MoreSince President Biden took office, inflation has increased 19.9%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Grocery (food at home) prices have increased 21.3%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Food away from home prices have increased 21.8%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Energy prices have increased 41.65%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Prices for fuel oil have increased 56.8%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Gasoline (all types) prices have increased 55.5%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Natural gas prices have increased 22%. (Bureau of Labor Statistics, Accessed 5/152024)· Electricity prices have increased 28.5%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Rental prices for a primary residence have increased 20.8%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Prices for used cars and trucks have increased 20.4%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Prices for new vehicles have increased 19.3%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Furniture prices have increased 15%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Apparel prices have increased 13.3%. (Bureau of Labor Statistics, Accessed 5/15/2024)· Airline fares have increased 38.2%. (Bureau of Labor Statistics, Accessed 5/15/2024) Biden’s Inflation Surge Has Seriously Eroded Seniors’ Social Security Benefits: ‘They Are Suffering, Literally Suffering’“Not long ago, senior citizens got the two biggest annual increases in their monthly Social Security checks that most had ever seen. But for many of them, the adjustments still weren’t enough to cope with the runaway inflation of earlier this decade and the continued high prices for food, housing, utilities and other necessities.” (“Social Security Isn’t Keeping Up With Inflation. That Could Weaken Biden’s Support Among Some Seniors,” CNN, 4/28/2024)· “That’s forcing more of them to spend their emergency savings, carry debt on credit cards or apply for assistance programs, according to The Senior Citizens League, a nonpartisan public education and advocacy group.” (“Social Security Isn’t Keeping Up With Inflation. That Could Weaken Biden’s Support Among Some Seniors,” CNN, 4/28/2024)· “While inflation has afflicted Americans of every age, senior citizens are often in a more difficult predicament because many live off fixed incomes.” (“Social Security Isn’t Keeping Up With Inflation. That Could Weaken Biden’s Support Among Some Seniors,” CNN, 4/28/2024)“Senior citizens typically get an annual cost-of-living adjustment that’s based on inflation. But many of them and their advocates have long complained that the increases don’t keep up with their rising expenses.” (“Social Security Isn’t Keeping Up With Inflation. That Could Weaken Biden’s Support Among Some Seniors,” CNN, 4/28/2024)· “They aren’t wrong: Inflation has eaten away at 36% of Social Security benefits’ buying power since 2000, according to an analysis last year from The Senior Citizens League. Those who retired before 2000 would need a nearly $517 boost in their monthly benefits just to maintain the same level of purchasing power as in 2000.” (“Social Security Isn’t Keeping Up With Inflation. That Could Weaken Biden’s Support Among Some Seniors,” CNN, 4/28/2024)“A spate of decades-high inflation, which peaked in mid-2022, led to annual cost-of-living adjustments of 5.9% for 2022 and 8.7% for 2023, the largest since the early 1980s. For this year, however, retirees are only receiving an increase of 3.2% because inflation has moderated.” (“Social Security Isn’t Keeping Up With Inflation. That Could Weaken Biden’s Support Among Some Seniors,” CNN, 4/28/2024)“At the same time, [The Senior Citizens League] is hearing from many seniors that their household costs rose more than the benefit bump. Food is a particular pressure point – groceries are nearly 33% more expensive than they were in January 2021, when Biden took office, according to Datasembly’s Grocery Price Index. This shortfall is forcing more seniors to turn to other sources of funds, such as savings or credit cards, and to assistance programs to help with rent, utilities, real estate taxes and health care costs, said Shannon Benton, the league’s executive director. ‘They are suffering, literally suffering,’ she said. ‘It’s worse now because of the unrelenting inflation of the past couple of years. It’s more profound in that it’s every item.’” (“Social Security Isn’t Keeping Up With Inflation. That Could Weaken Biden’s Support Among Some Seniors,” CNN, 4/28/2024)“More pain may be on the horizon. Inflation has been ticking up this year, with prices 3.5% higher in March than the year before. That means seniors are losing even more buying power since the rate exceeds their adjustment for this year, said Mary Johnson, an independent Social Security and Medicare policy analyst.” (“Social Security Isn’t Keeping Up With Inflation. That Could Weaken Biden’s Support Among Some Seniors,” CNN, 4/28/2024) ###SENATE REPUBLICAN COMMUNICATIONS CENTERRelated Issues: Inflation, EconomyPrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER McCONNELLFacebookTwitterInstagram
