You know President Biden is very serious about something when he begins his sentence with, “Let me be clear…”
The aging Democrat, however, should make sure he has his facts straight before asking X users to acknowledge how clear he is, because the Community Notes army can instantly turn what is meant to be a strong statement into a farcical joke
“Let me be clear to any corporation that hasn't lowered its prices even though inflation has come down: It's time to stop raising prices,” the president, or someone posting for to the president “Give American consumers a break.”
X readers quickly added some much-needed context, leaving Biden sounding less like a leader and more like a grumpy old man trying to rid his lawn of visitors.
“As long as the inflation rate is positive, prices rise,” reads the community note on the president's post. “The fact that inflation fell to 3.2% in October means that prices are still rising, albeit at a slower pace than before.”
Let me be clear to any corporation that hasn't cut their prices again even though inflation has come down: it's time to stop the price gouging.
Give American consumers a break.
— Joe Biden (@JoeBiden) November 30, 2023
Rated “helpful” by X users, the memo included links to four articles from reputable sources that explain to the president how inflation works.
One, from the International Monetary Fundinforms readers that “Inflation measures how much a set of goods and services has become more expensive over a given period, usually a year.”
According to the IMF, “Inflation is the rate of increase in prices over a period of time. Inflation is usually a broad measure, such as the overall increase in prices or the increase in the cost of living in a country. But it can also be calculated more narrowly: for certain goods, such as food, or for services, such as a haircut, for example.”
“Whatever the context,” the world organization says, “inflation represents how much more expensive the relevant set of goods and/or services has become over a given period, most commonly a year.”
USA Today explains: “When it comes to prices during inflation, what goes up doesn't always come down.”
“When talking about inflation, it's important to remember that inflation is a rate that measures how fast prices are rising,” the article says. “If the rate of consumer inflation comes down from its 40-year high of 8.6% in May, prices are still rising, but not as fast.”
And, according to statesman“In October 2023, prices had increased by 3.2 percent compared to October 2022 according to the 12-month percentage change in the consumer price index – the monthly rate of inflation for goods and services in the United States.”
Finally, Community Notes reminded President Biden that Federal Reserve is “aiming” for “long-term inflation of 2 percent.”
“It's understandable that higher prices for essential items such as food, gas and housing add to the burdens many families face, especially those struggling with job losses and income,” reasons the Fed. “At the same time, too low inflation can weaken the economy.”
“If inflation expectations fall, interest rates would also fall,” he says. “In turn, there would be less room to cut interest rates to boost employment during an economic downturn. Evidence from around the world suggests that once this problem sets in, it can be very difficult to overcome”.
If the added context doesn't humiliate the president, the reactions to his post should.
“Wow. This might be the dumbest post this WH has put out yet,” wrote one X user. “And that's saying a lot.”
Wow! This might be the dumbest post this WH has put out yet. And that is saying a lot.
— Spud Juice (@OddreyMonkey) November 30, 2023
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