From not a problem to transitory, inflation blindsided the administration.
President Joe Biden has been called out for claiming in CNN and Yahoo! Finance interviews that the annual inflation rate was 9% when he arrived at the White House in January 2021. This is, of course, false because the data show that the consumer price index (CPI) was 1.4% at the time. White House officials have been performing damage control, telling the press that he meant the factors were in place for inflation to accelerate to its highest level in four decades. But the mendacity to shield the lie is just as incorrect.
Inflation Forecasts in 2021
As the United States entered the second year of the coronavirus pandemic and the beginning of a new presidency in the nation’s capital, the White House, the Federal Reserve, and a plethora of mainstream…
