NELLES: Americans Are Borrowing More Than Ever, and Biden’s ‘Zero Inflation’ Lie Will Only Make It Worse.
President Biden claimed on Wednesday, August 10 that, “today we received news that our economy had zero percent inflation in the month of July – zero percent,” despite the fact that the Consumer Price Index (CPI), the measure of inflation, was up 8.5 percent versus July 2021. While the CPI was down from its 9.1 percent June number, it is still extremely high, and certainly not zero. The decrease in acceleration of the inflation rate was driven primarily by a decrease in gas prices. Per Bloomberg, “while a drop in gasoline prices is good news for Americans, their cost of