Claim: OgNasty claimed "Joe Biden says that inflation is at 0% when it’s actually at 8.5%"
Fact Check: Joe Biden claimed there was 0% inflation in the month of July, which is true. There was actually 0.6% deflation month over month from June to July, which means 0% inflation.
“Today, we received news that our economy had zero percent inflation in the month of July -- zero percent,”
- Joe Biden, August 10 2022
Ruling:
Yes, inflation is only 8.5% year over year. USD holders should know that their funds are kept nice and safe, losing a mere 8.5% of its value over the last 12 months alone.
Remember when the target was 2% and everyone begrudgingly accepted that as the reality of fiat currency? Somehow Joe Biden made 2% look like a dream, the achievable goal. Maybe that was his plan all along, because people would rather settle with losing 2% of their purchasing power a year versus 8.5%.