President Joe Biden arrived in Los Angeles on Friday for a lap of honor, claiming that “core inflation” in the Los Angeles metro area has weakened and the impact of 8.6% inflation has fallen “disproportionately to the working class.” , according to the local economist.
According to Breitbart News, Biden gave a speech at a port facility last fall where the freight crisis threatened supply chains and increased inflationary pressure. He mistakenly argued that inflation fell when gas and food prices were not included:
“Energy and non-food inflation, which economists call core inflation, has softened in the last two months,” Biden said. “Not enough, but moderate, it has decreased and we need to download faster.”
this
However, main monthly inflation in May was actually the same 0.6 percent as in April.
this
Biden accused Russian President Vladimir Putin of high inflation.
Despite Biden’s statements, the inflationary burden is one that even Democratic voters in Los Angeles cannot ignore. Los Angeles times reported:
There is pressure on the Biden administration to reassure Americans that inflation will not spiral out of control. Recent figures seem to have dashed this hope, with commodity prices generally rising due to rising energy and food prices.
In a large metropolis like Los Angeles whose economy relies on low-paying jobs, the effects of inflation, especially gas prices, are disproportionate to the working class, according to Leo Fehler, senior economist at the UCLA Anderson Forecast.
Annual inflation in the Los Angeles metro area, which includes Los Angeles and Orange counties, was 8% in May. San Diego’s inflation rate is 8.3%, while the Riverside metro area, which includes Riverside and San Bernardino counties, has an inflation rate of 9.4%.
Biden hailed the government’s efforts to alleviate the freight crisis by threatening to punish companies that drop shipping containers at ports. However, they have only been replaced by outgoing containers that haven’t been removed for a few months.
Although Biden promised to move the Los Angeles and Long Beach ports to work 24/7, he couldn’t find enough workers willing to work the night shift. Freight shortages have somewhat weakened, aided by coronavirus lockouts in China that have slowed commutes to and from the manufacturing giant. However, a new uptrend is expected soon.
On Friday, Biden blamed the shipping industry for supply chain problems and inflation. He also reiterated Russian President Vladimir Putin’s statements about his responsibility, even though the inflation started before Russia invaded Ukraine.
Joel B. Pollack is Senior Editor and news anchor for Breitbart News Breitbart Market News Every Sunday night from 7:00 PM to 10:00 PM ET (4:00 PM to 7:00 PM PT) on Sirius XM Patriot. He is the author of the recently published e-book Neither Free nor Fair: 2020 US Presidential Election. last book RETURN NOVEMBERtells the story of the 2020 Democratic presidential primaries from a conservative perspective. Won the 2018 Robert Novak Graduate Journalism Fellowship. follow him on twitter @joelpollak.
Source: Breitbart
