According to President Joe Biden, inflation was at nine percent when he took office, but this claim is false. The Consumer Price Index (CPI) inflation was actually at 1.4 percent in January 2021 when Biden assumed office. However, inflation did peak at 9.0 percent in June 2022, almost a year and a half after he took office. The cost of living under Biden has led to an estimated loss of $21,981 for the average Wisconsin family.
In response to the rising inflation, Biden blamed corporate greed, stating that it needs to be addressed. Despite claiming to have a successful run in terms of job creation and lowering inflation, Biden faces criticism from voters and experts who point out the economic challenges during his presidency. For example, the cost of buying a home has doubled, real income has decreased, and economic growth fell short of expectations. Consumer confidence is also near a two-year low.
