The “zero inflation” narrative continues to develop in a generally predictable fashion following the release of the July figures. While it is true that there was no month-over-month inflation in July, there was another option to give a bigger and clearer picture of the state of the American economy.
There was no month-to-month inflation in July
There was 8.5% year-on-year inflation in July
Both are ok…it’s up to them which one to run with, and up to you what matters
—Andy Swan (@AndySwan) August 10, 2022
Excluding that pesky little factoid about year-over-year inflation (8.5%!), we could all benefit from some good news. What could have contributed to this happy month without additional inflation? Wait, wasn’t there recent legislation to reduce this very thing? Why Yes, Democrats Passed the Cut Inflation Act in the Senate very recently. Perhaps this fast-acting legislation produced a complete and absolute miracle!
Cut Inflation Act Update: Biden is already taking credit for cutting inflation to “zero”.
– Gregor Samsa (@don_drone) August 10, 2022
Either the Miraculous Inflation Reduction Act is absolutely astounding legislation, or… maybe we don’t need it at all.
If inflation is zero, I guess we can kill that $400+ billion inflation cut law, right? https://t.co/5P2SVJnsYK
— Kate Hyde (@KateHydeNY) August 10, 2022
The question had to be asked. Which is it? We cannot fund massive efforts to fight inflation when there is no inflation.
Inflation was so afraid of this legislation that
— 🤡🥊uʍolO ǝɥ⊥ ǝlʎ˥🃏 (@LyleClown) August 11, 2022
The Biden administration and adoring propagators of the given narrative may have to backtrack on this one. Miraculous legislation is a tough enough sell when the Inflation Reduction Act has not yet come into force. There is still time to vote no on spending $485 million in the name of reducing inflation, has the House got the memo that we have zero inflation? Confused citizens just wonder.
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