Democratic U.S. Rep. Jim Clyburn claimed on MSNBC that the Biden administration had inflation under control — only to be interrupted on air by the announcement that prices had risen more than expected last month.
The 83-year-old South Carolina congressman was bashing social media for spreading ‘disinformation’ about inflation – before being interrupted due to a ‘breaking news’ report » according to which consumer prices “have increased at a faster rate than expected”. last month. A signal that inflation remains stubbornly high,” Brzezinski said.
The consumer price index released by the Bureau of Labor Statistics in the middle of MSNBC’s “Morning Joe” came in at 3.5% – ahead of the overall inflation figure of 3.4 % expected by economists surveyed by FactSet, and above February’s figure of 3.2%.
Clyburn’s segment then abruptly ended. The Dow lost more than 500 points Wednesday on concerns that out-of-control inflation could keep interest rates high for the rest of the year.
A clip of the embarrassing MSNBC segment was later posted on »
“What a bad liar,” another wrote of Clyburn’s claims.
Clyburn admitted Wednesday morning to MSNBC’s Mika Brzezinski that Americans are “seeing prices in stores costing more” but asserted that “people are actually earning greater incomes” and that “inflation rates are in decline.” drop “.
But every month from April 2021 to April 2023 — a majority of the Biden presidency — price inflation outpaced wage growth, siphoning off consumers’ purchasing power, according to government data.
The latest CPI data – which tracks changes in the costs of everyday goods and services – means consumer prices have still not fallen year-over-year since the start of President Joe’s term Biden in January 2021.
At the time, inflation stood at 1.4%, 150% lower than Wednesday’s reading of 3.5%.
Brzezinski cited a poll of undecided voters, who said there are “real warning signs for the Biden campaign,” including interest rates and the increasingly unaffordable housing market.
These voters also “feel like they’re being enlightened” and Biden isn’t being held accountable, Brzezinski said.
Clyburn, however, applauded the Biden administration for its “policies,” although he did not specifically state which ones.
He then issued a confusing call to action to lawmakers to “make sure people see the policies of the Biden administration, how they affect their daily lives and make them see in his policies what is real.”
Biden also moved the inflation numbers in his favor, noting that the CPI report “shows that inflation has fallen more than 60% from its peak,” which was 9.1%. in June 2022.
“Fighting inflation remains my top economic priority,” Biden insisted in a statement released Wednesday.
However, in an effort to slow the economy, the Federal Reserve raised interest rates to their current 22-year high of between 5.25% and 5.5%.
When inflation persists as it has in recent months despite the benchmark federal funds rate, currently the highest in 22 years, the Fed has traditionally raised interest rates even more in an effort to slow the inflation. economy.
New York Post
