Does Biden deserve credit for falling inflation?

The economy is finally starting to wake from its inflation nightmare. The latest inflation data for June show 3% year-over-year inflation, still a significant rate of price increases, but way down from 9.1% in June 2022.

President Joe Biden and his media allies are touting this as a massive success. But is this victory lap really deserved?

It’s complicated, but the short answer is no.

For one, inflation is falling, yet it’s not at zero or the normal 1-2%, meaning prices are still going up at unusual rates and Americans are still getting poorer, just not by as much. And the bleeding slowing down does nothing to undo or ameliorate the wound inflicted upon American families’ finances. The average U.S. household has lost an astounding $6,000 thanks to inflation under Biden, and that’s not in any way healed or resolved simply because the rate at which prices are continuing to go up is falling.