Democratic Rep. Jim Clyburn insisted on MSNBC that the Biden administration had inflation under control, but the broadcast was interrupted by news that prices had risen more than expected last month.
The 83-year-old congressman from South Carolina was in the midst of bashing social media for spreading “disinformation” about inflation, but he also said “breaking news” that consumer prices “rose faster than expected.” ” was canceled due to news reports. last month. “This is a signal that inflation remains high,” Brzezinski said.
During MSNBC’s “Morning Joe,” the Bureau of Labor Statistics released a consumer price index of 3.5%, above the headline inflation rate of 3.4% expected by economists polled by FactSet and up from February’s reading of 3.2%. exceeded.
Cliburn’s segment then ended abruptly. The Dow Jones Industrial Average fell more than 500 points in Wednesday trading on concerns that out-of-control inflation would keep interest rates high for the rest of the year.
A clip of the embarrassing MSNBC segment was later posted on X, with respondents Focus on it: “I’d like to see a clip of what happened right after this with Congressman Clyburn’s reaction to the breaking news.”
“What a lousy liar,” wrote another about Cliburn’s claims.
Clyburn acknowledged to MSNBC’s Mika Brzezinski on Wednesday morning that Americans “feel like stores are getting more expensive,” but that “the reality is that people are making more money.” “Inflation is falling,” he said.
But government data shows that every month from April 2021 through April 2023, during the Biden majority period, price increases outpaced wage growth, sucking up purchasing power from consumers.
The latest CPI data, which tracks changes in the cost of everyday goods and services, means consumer prices have yet to fall year-on-year since President Joe Biden’s term began in January 2021.
At the time, inflation stood at 1.4%, 150% lower than Wednesday’s reading of 3.5%.
Brzezinski cited polling from undecided voters and said there were “real warning signs for the Biden campaign,” including interest rates and an increasingly expensive housing market.
Brzezinski said these voters “feel gasslit” and Biden is not being held accountable.
Meanwhile, Clyburn praised the Biden administration’s “policies” but did not provide specifics.
He continued, “I want people to look at the Biden administration’s policies, understand how they impact their daily lives, and understand which of the Biden administration’s policies are real.” He called on lawmakers to take the confusing action of “asking them to do something.”
Biden also skewed inflation statistics in his favor, noting that the CPI report “shows inflation is down more than 60% from its peak of 9.1% in June 2022.”
“Fighting inflation remains our top economic priority,” Biden said in his speech. statement Published on Wednesday.
But in an effort to slow the economy, the Federal Reserve raised interest rates to 5.5% from the current 22-year high of 5.25%.
When inflation persists, as it has in recent months, the Fed has traditionally raised interest rates further to slow the economy, even though the benchmark federal funds rate is currently at a 22-year high.
