“When I hear people talk about inflation, we have to change that subject,” said Speaker Nancy Pelosi in an interview with CBS News before going on to falsely claim that “inflation is a global phenomenon.”

Meanwhile, more than 70 percent of families say they’ve been forced to cut back on basic necessities due to Democrat-fueled inflation. Unlike Democrats in Washington, these families can’t afford to just “change the subject.”

It’s clear that the White House and congressional Democrats are out of touch with the struggles of working Americans and are eager to whitewash the real pain felt by families across the nation.

POLL: Biden-Flation Forces Majority of Families to Cut Back on Necessities

KEY TAKEAWAYS:

President Biden and Democrats insisted that inflation was “transitory,” but when rising prices persisted, they passed blame to everyone else.

• Before the crisis in Ukraine, the Administration dismissed inflation as “transitory.”
  • Biden claimed that inflation peaked back in December 2021. 
• Then, when it became obvious higher prices were here to stay, the Biden Administration attempted to pass the buck onto everyone but themselves – accusing entire industries of “price gouging.” 

READ: Like Inflation, President Biden’s Denial Doesn’t Make a Recession Go Away

Inflation isn’t “part of a global trend.” Democrats’ destructive economic policies fueled the inflation fire.

• Analysis from the San Francisco Federal Reserve finds that U.S. core inflation is higher than other nations – and attributes a part of it to President Biden’s decision to continue unemployment bonuses and government stimulus after the pandemic receded. 
• Despite the end of the pandemic, the Biden Administration continued to send monthly “stimulus” checks and unemployment bonuses, which increased inflation by about 3 percentage points by the fourth quarter of 2021. 
• Former Obama-Biden economic adviser Larry Summers himself warned that President Biden’s so-called “stimulus” would trigger inflation, but Democrats ignored all warnings. 
• Former Obama-Biden economic adviser Jason Furman found that core inflation is nearly two percentage points higher in the US than the Euro Area 
• In August, Democrats passed the so-called “Inflation Reduction Act,” which adds $700 billion to the inflation fire and raises taxes on working families and Main Street.

READ: Fact Check: Nine Misleading Claims in President Biden’s Inflation Denial

READ: Fact Check: Economists Dispute Democrats’ Claim that Inflation Is Fueled by Corporate Greed

Democrat-fueled inflation is disproportionately hurting lower- and middle-income Americans, despite President Biden dismissing inflation as a “high-class problem.”

• According to Gallup, 71 percent of low-income households experienced some level of hardship due to rising prices when less than a third of high income households experienced hardship. 
• Penn-Wharton Budget Model estimated that higher prices outpaced an increase in earnings for many households earning less than $60,000. 
• The Congressional Budget Office (CBO) and the Penn-Wharton Budget Model have also estimated that President Biden’s inflation tax costs the typical family $5,000 a year, and hits the middle class and those just starting their career or families the hardest. 
• For working Americans, in just one year, Democrats wiped out three years of wage gains through inflation. 
• More than half of American workers’ paychecks have fallen behind – the highest share of workers since 2011, the last time President Biden was in the White House.

READ: ANALYSIS: Bidenflation Hits Low-Income Households Harder than the Wealthy

READ: Americans Forced to Work Multiple Jobs to Survive in Biden’s Economy