A new report put a price tag on how inflation is affecting the average American household.
While Joe Biden has taken credit in recent months for “lowering” inflation, what he’s really bragging about is a slowdown in the rate of inflation, not a decrease in inflation. After all, prices aren’t going down, they’re just going up at a slower rate than they were at their worst.
How Fox business reported:
According to Moody’s Analytics, Americans spend $709 more per month on everyday goods and services than they did two years ago.
Moody’s chief economist Mark Zandi made the statement Friday on X, formerly known as Twitter, as part of his analysis of July consumer price index report.
“Of course, the high inflation of the last 2 years or more has caused a lot of economic damage. Because of the high inflation, the typical household spent $202 more in July than it did a year ago to buy the same goods and services . And they spent $709 more than they did two years ago,” Zandi wrote.
Zandi said he thinks inflation will moderate further down the line, though that, of course, does nothing to undo the cumulative damage Biden has already done.
Matt Palumbo is the author of Fact-Checking by Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry i The Man Behind the Curtain: Inside George Soros’ Secret Network
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