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President Joe Biden claims the latest inflation figures are “good” news. They’re not, of course, and another economic report makes them even grimmer.
Prices are still 8.5% higher than last year, the sharpest uptick in 40 years, and would be up even more if not for a small drop in energy costs. Plus, productivity fell again during the second quarter, making the 2.5% year-over-year decline the worst on record.
Yet on Wednesday, Biden boasted of “0%” inflation in July, meaning it hadn’t gotten any more outrageous than in June. Though gas dipped 7.7%, food costs rose yet again, continuing a months-long trend that brought the 12-month climb to a painful 10.
