Biden Asserts 'Inflation Has Come Down' in the US, Sparking Controversy; X Adds Context to Tweet as Many Americans Question the Reality
Biden faces scrutiny on X for inflation claims. Tweets urging corporates to lower prices amid falling inflation spark debate
News Summary: "Joe Biden's call on X (formerly Twitter) for corporations to cut prices amid falling inflation faces scrutiny. White House reports a slight slowdown in US inflation, but community notes on X challenge Biden's claims. Social media tension continues over Biden's tweets on corporate taxes and the debt ceiling standoff between Democrats and Republicans."
Detailed News: Joe Biden's recent tweet on X (formerly Twitter), urging corporations to lower prices due to falling inflation, is under scrutiny. The White House reports a modest decrease in US inflation to 3.2% in October from 3.7% in September. Biden attributes this to easing supply-chain pressures and touts progress but acknowledges the need for more work.
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However, community notes on X add context, emphasizing that despite the slowdown, inflation persists at 3.2%, meaning prices are still rising, albeit at a slower rate. Social media users also point out that average earnings were better during Donald Trump's presidency, contributing to the ongoing debate on economic performance.
Biden's tweets on corporate taxes face fact-checking, with a community note clarifying that of the 55 corporations mentioned, only 14 are eligible under his tax law. The effective tax rate, as per the Institute on Taxation and Economic Policy, was 8.5%, not zero.
This scrutiny occurs amidst a social media-fueled standoff between Democrats and Republicans over the debt ceiling. Biden accuses Republicans of risking the economy, while Republicans blame Democrats for excessive spending and inflation. Social media serves as a battleground for both parties to rally supporters and criticize opponents, intensifying the online discourse around economic policies.