Biden Says Inflation Was 9% When He Entered Office; It Was Really 1.4%

By: Georgia | Published: May 11, 2024

President Bidn recently claimed on CNN with Erin Burnett that when he took office in January 2021, the inflation rate was a whopping 9%. 

However, official stats tell us it was actually just 1.4%.

Biden Touts Economic Wins

During the CNN interview, President Biden highlighted his administration’s success in managing the economy, stating, “No president has had the run we’ve had in terms of creating jobs and bringing down inflation.” 

President Joe Biden, in a blue suit and sunglasses, speaking at a podium with an American flag and construction site in the background

Source: POTUS/X

He reinforced his claim about the initial inflation rate, saying, “It was 9% when I came to office – 9%.”


Tackling High Inflation

Back in April, President Biden discussed his administration’s efforts in managing the economy, particularly inflation. 

Federal Reserve Chairman Jerome Powell speaking at a podium with the Federal Reserve logo

Source: federalreserve/X

He proudly shared, “Look, we have dramatically reduced inflation from 9% down to close to 3%. We’re in a situation where we’re better situated than we were when we took office where we – inflation was skyrocketing.”

The Economic Scoreboard Under Biden

Biden’s pitch to the electorate emphasizes better days with his “Bidenomics” compared to the Trump era. 

President Joe Biden speaking at a podium labeled "Bidenomics," in a hall with marble columns and banners

Source: Wikimedia Commons

He’s making this claim as he gears up against Trump for another presidential showdown.

Mixed Reviews from the Public

Despite the administration’s positive framing of economic achievements, public opinion appears mixed. 

President Joe Biden at a podium with a banner reading "Lowering Housing Costs" at a rally, with American flags in the background

Source: POTUS/X

A poll by Fox News in March showed that only 38% of Americans approve of Biden’s handling of the economy.

The Inflation Rollercoaster

The inflation rate under Biden’s watch has been anything but steady. 

Federal Reserve Chairman Jerome Powell at a press briefing, standing before an American flag and addressing reporters

Source: federalreserve/X

Starting at a modest 1.4%, it soared to 9.1% by June 2022, and although it has dropped to 3.5% by March 2024, it still overshoots the Federal Reserve’s ideal target of 2%.


Biden Defends His Record

President Biden stands firm on his track record. 

President Joe Biden speaking from a podium in the House Chamber, audience and press visible in the background

Source: POTUS/X

He insists that his economic policies have successfully driven down inflation and improved the overall economic landscape from where it started when he took office.


The Price Hike Dilemma

Despite progress in managing inflation, American families continue to grapple with the direct impact of escalating prices.

A family of four, viewed from behind, embraces as they look out over the ocean at sunset

Source: Patricia Prudente/Unsplash

This has been a persistent challenge throughout Biden’s presidency.


Cost of Living Climbs

From the beginning of Biden’s term in January 2021 to March 2024, Americans have felt the pinch with notable rises in living expenses.

A man unloading groceries from the back of an SUV. He is holding a large pack of toilet paper and a box of Ritz crackers, with various other groceries visible, suggesting a return from a shopping trip

Source: Mick Haupt/Unsplash

Fox News reports that food costs have increased by 21%, shelter by 20.5%, and energy by a whopping 36.9%.


Weighing Biden's Economic Claims

With another election on the horizon, the scrutiny of Biden’s economic promises intensifies. 

President Joe Biden speaks at a podium with a light blue backdrop, featuring the presidential seal and stars

Source: POTUS/X

How his policies have actually shaped up against the economic realities of his term will likely sway public opinion and voter sentiments.


The Future of "Bidenomics"

As voters head to the polls soon, the effectiveness and outcomes of Biden’s economic strategies, or “Bidenomics,” will undergo critical evaluation. 

President Joe Biden speaking at a podium with a "Bidenomics" banner, in an industrial setting in Pueblo, Colorado

Source: POTUS/X

These policies are set to be a major factor in the election decision-making process.


Economic Impact on Voter Sentiment

The impending election will put Biden’s economic management skills to the test. 

President Joe Biden taking a selfie with a diverse group of smiling supporters at an event. The background features a banner reading "A Future Made in America,"

Source: POTUS/X

Voter confidence could hinge on his administration’s ability to sustain or improve the U.S. economic conditions, making it a central issue as the election approaches.