Economic harm caused by Biden Inflation:

 Fox Business:

Inflation for the month of May came in at an annual rate of 4% and the White House immediately and misleadingly tweeted that "inflation has fallen by more than half." In reality, inflation is increasing, not falling. Only the rate at which it is increasing slowed — and not by nearly enough.

Inflation is like compound interest; it just keeps adding up. While annual inflation grew at a 4% rate in May, that was on top of an annual rate of 8.6% last May. So, over the past two years, inflation has been up nearly 13%. The White House tweet absurdly claimed that "[t]his gives families real breathing room." It doesn’t.

Let’s take a look at how the Biden administration’s economic plans are actually working when it comes to taming inflation. Has it really "fallen"? This chart shows the cumulative impact of inflation during Biden’s presidency as compared to the other presidents this century.

So, if the rate of inflation for the remainder of President Biden’s term were flat — that is 0% — the cumulative impact of his massive government spending to date would still make him the inflation leader among presidents in this century.

Nonetheless, Biden himself touted the 4% increase in the inflation rate as proof that his plan "to bring down the cost of living and sustain stable and steady growth is working." That also is simply untrue. Biden’s economic policies had virtually nothing to do with the fact that the annual inflation rate slowed to 4% in May. On the contrary, Biden’s policies have consistently exacerbated inflation. The inflation rate slowed because the Federal Reserve took drastic action to slow it.

The Fed has been increasing interest rates at a historic pace over the past 15 months, taking them from near zero when Biden took office to a 5%-5.25% range today. This surge in rates was necessary to tame the so-called "transitory" inflation Biden’s massive government spending programs caused — beginning in March 2021 with the ironically named American Rescue Plan.

The Fed’s pace of interest rate increases has been so impactful that it led to three of the four largest bank failures in our nation’s history, undermining the integrity of our entire banking sector, putting our economy on the verge of collapse and necessitating federal intervention.

It has sent the residential real estate market into a tailspin, reducing the value of working Americans’ homes and making it difficult to buy a home even at reduced prices. It has driven business optimism collapsing to its lowest level in a decade as affording a loan to start or operate a business has also become costly and difficult.

But, as planned, the Fed’s interest rate surge (rather than Biden’s so-called "plan") has slowed inflation’s breakneck pace. Unfortunately, it hasn’t slowed it nearly enough, and that’s actually scary. At 4%, the inflation rate is certainly down from the 9.1% rate it hit last June, but it’s still double the Fed’s 2% target rate (a target the Fed the Fed affirmed in May). This means more Fed action will likely be necessary.
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The liberal media needs to stop making excuses for Biden's screw-up of the economy.  He has earned the title of one of the worst presidents in history.  Democrats should also stop making excuses for Biden.

See, also:

EXCLUSIVE: 71% of Americans and half of all Democrats say Biden, 80, is too old to be president and most voters say they are worse off since he took power, according to damning DailyMail.com poll