Biden recession causes inflation to pause 

Americans for Limited Government President Rick Manning today issued the following statement on the latest consumer inflation numbers.

“The price of oil has gone down worldwide due to the recognition that we are in a global recession and demand is beginning to collapse. If President Biden wants to take credit for lower gas prices (the heart of the inflation decrease), then he has to acknowledge the recession that is actually responsible for them. The irony of today’s reduction of year over year inflation from 9.1 percent to 8.5 percent is that this reduction is twice as large as the 0.3 percent reduction to inflation that was projected by Moody’s Analytics in the $700 billion so-called Inflation Reduction Act. For those who have paid attention to what’s in the bill, unlike the President, it raises taxes on oil producers and creates a financial disincentive for domestic production of oil, meaning long term, after this recession, the legislation will net an ultimate increase of the price at the pump, and make our nation even more dependent on Biden’s fist-bumping friend in Saudi Arabia.