Another huge Biden win
President Joe Biden has been racking up so many wins of late, it’s difficult to keep track of them all. He’s passing groundbreaking legislation that’ll transform American quality of life. He’s saving the environment. He’s turning around the microchip market. He’s taking out terrorist leaders. And he’s spent months moving forward with several initiatives to bring gas prices down – which has worked so well, it’s now drastically reducing the overall inflation.
In fact, gas prices dropped so sharply in July, it resulted in an overall 0% inflation rate in the United States. No, really, zero percent. Prices on some other goods still went up. But because gas prices dropped so sharply, overall inflation ended up being zero.
This isn’t just some fluke on paper, either. It translates to a net zero inflation for the average American in the real world, who may have paid more for groceries in July than in the previous month, but also paid so much less for gas in July than in the previous month, the two trends ended up canceling each other out. There are a fraction of Americans who don’t use gas, so their overall costs in July still went up. But there are also a fraction of Americans who use far more than the average amount of gas, meaning their overall costs in July went down. That’s how an average works.
We’re seeing a number of Republicans and right wing propaganda types insisting that zero percent inflation can’t be real. But that’s just a matter of them not understanding math, or pretending not to understand math. In reality President Biden has delivered another major win for mainstream Americans.
