Jake Paul blasts Biden over skyrocketing inflation
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President Biden falsely claimed that inflation worldwide is "worse everywhere but here," but the data tells a different story.
Biden made the claim while speaking at the AFL-CIO conference in Philadelphia, Pennsylvania, on Tuesday, turning heads when he claimed inflation was worse everywhere else but the U.S.
"Under my plan for the economy, we’ve made extraordinary progress," the president claimed. "And put America in the position to tackle a worldwide problem that’s worse everywhere but here."
However, Biden’s claim does not appear to be supported by the data.
According to economic data from April 2022, the U.S. inflation rate of 8.3% was one of the highest in the developed world, dwarfing Japan, France, Germany, Britain, Italy and Canada.
In May, the United Kingdom surpassed the United States on the inflation leader board, but the American inflation rate still grew to 8.6%.
Now, just one month later, Americans are facing down a wholesale inflation rate of 10.8% that is putting even more pressure on people’s wallets.
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 10.8% in May from the previous year. On a monthly basis, prices grew by 0.8%.
Although that was slightly lower than the 10.9% forecast from Refinitiv economists, the reading — near a...
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