Americans got more good economic news on Tuesday, as inflation dropped even more than expected, to 4% on the year. For the average consumer, that means the price increases everyone’s faced – from gas, eggs and other groceries, clothing, and more, are coming back in line to normal.
In fact, inflation has now dropped 11 months in a row, to the lowest point in two years.
That’s on top of continued near-historically low unemployment across every demographic, massive jobs creation – 13 million jobs under President Biden. Experts say under President Biden the U.S.’s economic recovery after the COVID-19 pandemic has been the strongest worldwide.
Fox News didn’t see it that way.
Fox News Business host Maria Bartiromo, once a straight-news journalist, invited onto her show to discuss the economic news a Republican Congressman who is not an economist, but a pharmacist.
U.S. Rep. Buddy Carter (R-GA0, whose track record reportedly includes pushing legislation and policy that would personally benefit him financially, at least once without making any expected disclosure, had a lot to say about the drop in inflation.
“Well, we will also hear from Treasury Secretary Janet Yellen today,” Bartiromo announced. “Representative Earl Buddy Carter, talk to us about what you’re expecting there because the Treasury Secretary, when we first started seeing this spike in inflation, said it was transitory. What are your thoughts on how she’ll explain where we’re going from here?”
Bartiromo correctly notes that Treasury Secretary Yellen, and many other top economists predicted inflation would be short-lived, but a few things got in the way, including Russia’s unlawful attack on Ukraine, and massive supply-chain issues. Two years ago, shortly after taking office, President Biden created a supply chain task force, which has successfully improved how America moves goods.
“Well,” Rep. Carter began, “I’m sure she will make it out to be as as good as she can. But at the same time, we are far from out of trouble here. Yes, I agree. The Fed may pause next this month and may not raise interest rates, but that doesn’t mean they’re not going to raise them back in July.”
The Fed is fully expected to pause its interest rate increases, which are the main reason why inflation has dropped so significantly. And yes, it is currently expected to increase them in July.
Another reason inflation has dropped is the Democrats’ Inflation Reduction Act.
“It’s been 10 months since President Biden signed the Inflation Reduction Act,” author and former White House aide Keith Boykin noted Tuesday. “The bill passed Congress without a single Republican vote. And new data shows that inflation has been cut in half since last year.”
“We’ve still got some serious problems in our economy. The labor shortage,” Carter complained. “Last night I had dinner with a group of engineers and they were telling me, we need help. We need engineers. One company said they had 1700 employees, they’d hire 200 today if they could find them.”
Republicans continue to make it difficult for people some sectors of workers to get jobs, like immigrants. After Florida’s Gov. Ron DeSantis signed legislation making it illegal to assist any undocumented worker, many fled the state. Republican leaders had to beg them to stay.
“We still got high interest rates,” Carter continued. “In the lobby this morning. I was talking to a young lady who said, ‘You know, I wanted to buy a new car, but I just can’t afford it right now.'”
“So high inflation, interest rates, those are the type of things that we’ve still got to work on in this economy. And you know, Janet Yellen will paint a pretty picture. Yes, I’m sure but I’m not sure I believe.”
Watch below or at this link.