Inflation and President Joe Biden
President Joe Biden falsely claimed that inflation was “skyrocketing” when he took office, when in fact it was below 2% per year. The claim was made at a White House press conference in response to a report showing inflation at 4.6% in March.
Key Points
- Inflation was not skyrocketing when Joe Biden took office
- Inflation was below 2% per year when Biden took office
- Inflation rose above the Fed's target after the American Rescue Plan in March 2021