Different news channels, including left-leaning ones, have turned against Biden as they raised alarms against inflation, which was reported at a 40-year high on Thursday.
Media slammed Biden for worst inflation in four decades
The Bureau of Labor revealed on Thursday that inflation in the United States was 7.5 percent higher in January, compared to last year.
Thus, the Consumer Price Index (CPI), which is an indicator of the costs of a variety of goods, was the largest since 1982; this marks the worst point of the Biden administration’s economic policies until now.
CNBC’s “Squawk Box” show was the first to break the worrying news of the economic conditions of the country. Rick Santelli, an editor of the same media network, noted you have to go back to February 1982 to see such huge numbers regarding inflation.
Likewise, he suggested Americans are “most concerned” about the economic woes of the country more than anything else.
JUST IN: US inflation climbed 7.5% in January, the highest annual increase in nearly 40 years.https://t.co/bq9Y7YkeeQ
— CNN Breaking News (@cnnbrk) February 10, 2022
According to him, housing and renting prices are the biggest contributors to inflation; they are not likely to come down anytime in the foreseeable future.
Similarly, he believes labor costs in the housing and construction sector would not be reduced either, even though the wages of labor are not increasing as inflation does.
Although Santelli was optimistic about the impacts of the rising CPI, in the long run, he stated it would take a much longer time, and nobody could predict it correctly.
Apart from CPI, core inflation, which does not incorporate food and energy prices, is also growing under the Biden administration. Fox Business indicated that from now on, inflation is likely to increase by 0.5 percent on a monthly basis.
Dominic Chu, a senior market correspondent of CNBC news, told MSNBC’s “Morning Joe” that inflation is still the biggest problem of Americans.
Biden boldly defended rising inflation
Similarly, left-leaning media outlet CNN grilled Biden along parallel lines. Kate Bolduan, a CNN broadcaster, pressed Biden’s economic adviser Jared Bernstein on the economic affairs of the country.
Speaking about the non-transparent statements of Biden, Bolduan noted Biden claimed back in December that inflation was “at its peak,” but it is still rising today.
She asked the Biden adviser if the government is “clear-eyed” about what is happening in the country right now.
Responding to this, Bernstein stated the administration is working to find the “underlying” causes of the deteriorating economy.
He was quick to shift the blame of rising inflation on the omicron variant, stating Biden’s message back in December did not incorporate the variant.
July 2021, Joe Biden insisted inflation was “temporary.”
Today, February 2022, we learn Biden’s policies have given us the worst inflation in 40 years.
— Mark Meadows (@MarkMeadows) February 10, 2022
Despite the worrying numbers, Biden also tried to defend himself, stating Americans should have “peace of mind,” as these sort of things are “necessities.”
However, Democrat Senator Joe Manchin called on the president and told him rising prices are “harming people.” Therefore, the government should take immediate measures to curb these prices.