It’s a testament to the human body’s autonomic systems that can sustain life even when the brain is nothing more than cottage cheese.<\/p>\n
Biden Dismisses Record-High Inflation News As \u2018Out-Of-Date.\u2019<\/a><\/p>\n President\u00a0Joe Biden<\/a>\u00a0responded to news of\u00a0inflation<\/a>\u00a0reaching a fresh four-decade high by arguing that the report is outdated.<\/p>\n The Consumer Price Index (CPI) rose 9.1% between June 2021 and June 2022, according to a Wednesday morning report from the U.S.\u00a0Bureau of Labor Statistics<\/a>, exceeding the Dow Jones estimate of 8.8%. While Biden acknowledged that the inflation reading was \u201cunacceptably high,\u201d he deflected by asserting that the data are \u201calso out-of-date.\u201d<\/p>\n \u201cEnergy alone comprised nearly half of the monthly increase in inflation. Today\u2019s data does not reflect the full impact of nearly 30 days of decreases in gas prices,\u201d he said in a\u00a0statement<\/a>, noting that gas prices have fallen by $0.40 since June. \u201cThose savings are providing important breathing room for American families.\u201d<\/p>\n Indeed, gas prices fell to $4.63 per gallon as of Wednesday, according to\u00a0AAA<\/a>. Yet national average gas prices in early June surpassed\u00a0$5.00 per gallon<\/a>\u00a0\u2014 a reality reflected in the most recent inflation report. Gas prices were $2.38 per gallon ahead of Biden\u2019s inauguration and $3.53 ahead of the Russian invasion of Ukraine, according to the U.S.\u00a0Energy Information Administration<\/a>.<\/p>\n Biden added that \u201cother commodities like wheat\u201d fell sharply since the June report, which showed the price of cereals and bakery products rising 13.8%. However, high fuel and fertilizer prices are\u00a0levying heavy cost pressures<\/a> on farmers across the world.<\/p>\n However, Biden assured the nation that \u201ctackling inflation\u201d is his \u201ctop priority.\u201d<\/p>\n \u201cInflation is our most pressing economic challenge,\u201d he continued. \u201cIt is hitting almost every country in the world. It is little comfort to Americans to know that inflation is also high in Europe, and higher in many countries there than in America. But it is a reminder that all major economies are battling this COVID-related challenge, made worse by Putin\u2019s unconscionable aggression.\u201d<\/p>\n While responding to the May inflation report last month, Biden likewise\u00a0characterized<\/a>\u00a0inflationary pressures as \u201cPutin\u2019s Price Hike.\u201d Biden also\u00a0claimed<\/a>\u00a0that inflation is \u201cworse everywhere\u201d than in the United States \u2014 even though the United Kingdom, Germany, Canada, South Korea, and Japan are all seeing lower rates of inflation, according to\u00a0data<\/a> from the Organization for Economic Cooperation and Development (OECD).<\/p>\n Among other actions, Biden committed to bringing down the price of gas by continuing his \u201chistoric release of oil from our strategic petroleum reserve.\u201d Though the policy of releasing one million barrels of oil per day was touted by the White House as an \u201cunprecedented\u201d move to \u201cprovide a historic amount of supply\u201d to Americans facing high prices, a report from Reuters\u00a0showed<\/a>\u00a0that at least five million barrels of oil were exported to European and Asian nations during the month of June \u2014 including to a Chinese firm with\u00a0links<\/a>\u00a0to Hunter Biden.<\/p>\n Referring to declining oil prices, Biden also asserted that \u201coil and gas companies must not use this moment as an excuse for profiting by not passing along savings at the pump.\u201d He has also\u00a0called<\/a>\u00a0on gas stations \u2014 which earn margins as low as 1.4% on their fuel \u2014 to bring down their prices.<\/p>\n Biden vowed to \u201curge Congress to act, this month, on legislation to reduce the cost of everyday expenses that are hitting American families,\u201d including prescription drugs, utility bills, and health insurance premiums. Many Democratic lawmakers have\u00a0introduced<\/a>\u00a0legislation that would allow Biden to control prices, such as by declaring an \u201cenergy emergency\u201d to stop fuel companies from selling at prices deemed \u201cunconscionably excessive.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" It’s a testament to the human body’s autonomic systems that can sustain life even when the brain is nothing more than cottage cheese. Biden Dismisses Record-High Inflation News As \u2018Out-Of-Date.\u2019 President\u00a0Joe Biden\u00a0responded to news of\u00a0inflation\u00a0reaching a fresh four-decade high by arguing that the report is outdated. The Consumer Price Index (CPI) rose 9.1% between June … Continue reading “”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,50],"tags":[],"class_list":["post-83346","post","type-post","status-publish","format-standard","hentry","category-crap-for-brains","category-goobermint"],"_links":{"self":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/83346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=83346"}],"version-history":[{"count":1,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/83346\/revisions"}],"predecessor-version":[{"id":83347,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/83346\/revisions\/83347"}],"wp:attachment":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=83346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=83346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=83346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}