(Tony Sifert, Headline USA) The Biden administration spin machine has gone into overdrive in response to the June inflation report, which showed that the consumer price index has ballooned 9.1% since June 2021.
Inflation is now up to 9.1%.
The economy is in flux. We have a shrinking workforce, big tech monopolies, woke capital, a rising China, and a dwindling middle class to worry about.
Join us July 29-30 in Washing D.C. as we wrestle with these difficult questions. pic.twitter.com/RqyrhLtFuz
— Intercollegiate Studies Institute (@ISI) July 13, 2022
“The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today,” the Bureau of Labor Statistics reported July 13. “Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment.”
According to the BLS, indexes for gasoline, shelter, and food were the “largest contributors” to the unprecedented increase.
Stocks fell in response to what Bloomberg called a “shockingly hot US inflation report,” and the financial news service went on to warn that the Federal Reserve is likely to “aggressively raise interest rates” in response.
Nevertheless, the Biden administration continued to refuse to acknowledge the reality staring it in the face.
White House Director of the National Economic Council, Brian Deese, the BlackRock alum who suggested recently that Democrats were willing to bankrupt the United States in service to the “liberal world order,” attempted to provide “context” for the explosive report in a series of Tweets published the day before its release.
Important context ahead of tomorrow’s CPI release:
Headline inflation from last month will be significantly affected by stale gas price data:
Retail prices have declined from the June avg and declining oil prices and gas futures suggest they have further to fall. pic.twitter.com/3wmwqHzRH3
— Brian Deese (@BrianDeeseNEC) July 12, 2022
President Biden himself followed suit the next day.
“Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June,” Biden said in a statement.
Biden described the historic increase as a “COVID-related challenge” and blamed Russian President Vladimir Putin‘s “unconscionable aggression” for forcing him to drain billions from the U.S. treasury and dump American weapons into the Eastern European black market.
You know those billions of your money US is sending to Raytheon and Lockheed “for Ukraine”? The arms are being sold by Ukrainian smugglers onto the black market.
Nobody knows exactly where these dangerous weapons are, but I’m sure we’ll have a new war at some point to stop them. https://t.co/JadjL8EEfz
— Glenn Greenwald (@ggreenwald) July 13, 2022
