Republican Rep. Marjorie Taylor Greene (R-Ga.) has joined former President Donald Trump in criticizing President Joe Biden over the nation's inflation levels.
What Happened: Greene voiced her concerns about the state of the economy under Biden's leadership on Thursday on X.
"Inflation has increased nearly 20% in the past 4 years – that's a major problem for businesses and families trying to keep up with rising costs of energy, food, and other expenses. The Biden/Harris admin has put America last for four years and the American people are being crushed. We must reverse course," she wrote.
Greene's statement comes after Trump's recent critique of Biden during Tuesday debate with Vice President Kamala Harris. Trump has consistently overstated the inflation rates during Biden's term, claiming it is the worst in history.
Inflation has increased nearly 20% in the past 4 years – that's a major problem for businesses and families trying to keep up with rising costs of energy, food, and other expenses.
The Biden/Harris admin has put America last for four years and the American people are being... pic.twitter.com/mChy8RUpRe— Rep. Marjorie Taylor Greene (@RepMTG) September 11, 2024
However, Forbes reports that while inflation did reach a 40-year peak of 9.1% in June 2022, it had previously escalated to over 14% in the 1980s, 11.1% in 1974, 10.9% in 1942, and 17.8% in 1917. As of July, inflation has decreased to 2.9% year-over-year, the lowest level since March 2021.
Some economists argue that inflation is not solely the responsibility of presidents, as it is often a global phenomenon influenced by various factors, including the independent Federal Reserve's control over interest rates. However, presidential fiscal policies can contribute to inflation.
Why It Matters: The U.S. annual inflation rate in August fell to its lowest point since February 2021, indicating a further easing of pressure on the cost of goods and services for U.S. consumers. However, core inflation pressures remain stubborn at 3.2% as shelter costs surged at their fastest monthly pace since January 2024, fueling gains in the dollar and sending Treasury yields climbing.
Expectations for a significant 50-basis-point rate cut at the Sept. 18 FOMC meeting dropped to just 15%, down from 34% a day earlier, as per CME Group's FedWatch tool.
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari