Op-Ed: Biden’s failed economy: Here’s what those inflation numbers really mean for consumers, businesses

This article originally appeared in Fox Business on June 16, 2023

Inflation for the month of May came in at an annual rate of 4% and the White House immediately and misleadingly tweeted that "inflation has fallen by more than half." In reality, inflation is increasing, not falling. Only the rate at which it is increasing slowed — and not by nearly enough. 

Inflation is like compound interest; it just keeps adding up. While annual inflation grew at a 4% rate in May, that was on top of an annual rate of 8.6% last May. So, over the past two years, inflation has been up nearly 13%. The White House tweet absurdly claimed that "[t]his gives families real breathing room." It doesn’t.  

Let’s take a look at how the Biden administration’s economic plans are actually working when it comes to taming inflation. Has it really "fallen"? This chart shows the cumulative impact of inflation during Biden’s presidency as compared to the other presidents this century. 

So, if the rate of inflation for the remainder of President Biden’s term were flat — that is 0% — the cumulative impact of his massive government spending to date would still make him the inflation leader among presidents in this century. 

Nonetheless, Biden himself touted the 4% increase in the inflation rate as proof that his plan "to bring down the cost of living and sustain stable and steady growth is working." That also is simply untrue. Biden’s economic policies had virtually nothing to do with the fact that the annual inflation rate slowed to 4% in May. On the contrary, Biden’s policies have consistently exacerbated inflation. The inflation rate slowed because the Federal Reserve took drastic action to slow it. 

Read full op-ed in Fox Business