We noted that 9.1% June year-over-year inflation rate, and now President Biden tells us that it just ain’t so, but he’s going to deal with it anyway:

Biden Reacts to ‘Unacceptably High’ Inflation Report By Laying Out Three Point Plan to Address Rising Prices

By Colby Hall | Wednesday, July 13, 2022 | 10:16 AM

President Joe Biden reacted to the record high inflation report that was released Wednesday morning by first dismissing the numbers as “out-of-date,” but then laying out his plans to address rising prices.

Hey, it is his administration releasing the figures; is he calling his people liars?

The Consumer Price Index rose to 9.1% for the month of June, which was higher than analysts expected, and the highest rate of inflation since 1981. Biden’s statement opens by calling price increases “unacceptably high” but also said that it was “out-of-date” due to a decrease in gas prices that he says is data not reflected. It is true that gas prices have fallen for nearly 30 days straight, but are still well over a dollar higher per gallon than they were a year ago at this time.

Gasoline prices may have fallen for “nearly 30 days straight,” but fourteen of those 30 days have been in July, not June.

We need Gerald Ford’s “Whip Inflation Now” buttons!

Biden once again blamed the economy on “Putin’s unconscionable aggression” in Ukraine that has disrupted global markets, but perhaps not as much as the White House would like Americans to believe. He also noted the market reaction to “Covid-related challenges” which some might see as a more accurate description of the true cause and effect.

“Tackling inflation is my top priority – we need to make more progress, more quickly, in getting price increases under control,” Biden revealed in his statement before listing a three-part plan. First, he intended to do everything he can to lower gas prices. Second, he is urging Congress to pass legislation that will help lower prices on everyday items like groceries and prescription drugs. Finally, he pledges to work to halt what he calls Republican efforts to raise taxes on working-class people.

If the President could do anything about gasoline prices, shouldn’t he have done so already? It’s not as though fuel prices were great in May!

What, I have to ask, can be done legislatively about “prices on everyday items like groceries and prescription drugs”? Profit margins for grocery stores are small, between 1% and 3%, and if you shrink those, you run them out of business. Smaller grocery stores, like convenience stores and bodegas, have higher profit margins — other than on gasoline — sometimes up to 7.5%, but those are depending on price, not volume like larger grocery stores, to stay open. Anything the Administration does to bring down food prices drives those places out of business.

And, of course, Republicans aren’t te ones trying to raise taxes or prices on the American people; the Democrats are the ones trying to do that!

The government tried everything from 1974 to 1982 to slash inflation, but it was ended the old-fashioned way: with a serious recession. That’s what’s going to happen again.