4 ms·

Biden said a similar thing recently, bragging that the (high) rate of inflation was holding steady.

calgarymicro 4y ago
When? He bragged in July when the MoM rate was zero and the YoY rate fell by half a percent. I can't find him bragging anywhere that the rate is holding steady though.
- hailwren 4y ago
  Not the one gp was referencing, but here’s the Reagan quote pretty much verbatim from Biden: “we are making progress in slowing the rate of price increases.” https://www.cnbc.com/2022/01/12/biden-says-cpi-inflation-report-shows-progress-in-slowing-down-high-prices.html https://www.cnbc.com/2022/01/12/biden-says-cpi-inflation-rep...
  - calgarymicro 4y ago
    >0.9% in October, 0.8% in November and 0.5% in December, according to the Labor Department. Definitely similarly tone deaf, but in this case he was bragging about the second derivative, not the third - prices continued to increase, but the rate of increase (inflation) was indeed falling.
    - hailwren 4y ago
      Errmm? He says “we are making progress in slowing the rate of price increases”. (making progress in (slowing the (rate of price increases))) 3 ————————— 2 ————— 1 ——————————— The question is what you think “progress” is doing in that sentence. Slowing the rate => 2nd deriv is decreasing but progress, to me, implies that third deriv is what is being pointed at. 2nd deriv would be “we are slowing” to me. I’m not sure what inflation number you’re looking at, but CPI for Oct/Nov/Dec of 2021 was: 6.2%, 6.8%, 7%
      - calgarymicro 4y ago
        Rate of increase in prices = inflation = first derivative of prices. Slowing the rate of increase in prices = lowering inflation = second derivative. I wouldn't interprete 'making progress in lowering the rate of increase' as 'lowering the rate of increase of the rate of increase' which is basically how you'd have to read that to get to the third derivative. As the article points out, Biden was talking about MoM inflation, I quoted the numbers there for those months. They're in the article.
      - Dylan16807 4y ago
        "Making progress" here is saying that they are doing it but their job is not done. It's not taking a derivative. "Making progress in slowing" is the same as "slowing", basically. They are celebrating a decrease in the rate of price increases. For Nixon, there was still an increasing of the rate of price increases.
- hartator 4y ago
  > When? He bragged in July when the MoM rate was zero and the YoY rate fell by half a percent. I think it was MoM rate that was -0.5%, YoY rate was still above 8%.
  - calgarymicro 4y ago
    The MoM rate (the amount prices increased in July) was zero (down from 1.3% in June), not -0.5%, meaning that prices stayed the same. If it had been -0.5%, that would have meant prices decreased in July by half a percent. The YoY rate is what fell by 0.6% (not 0.5% like I thought), meaning that prices had risen a total of 8.5% since July 2021, a decrease from 9.1% in June (vs. June 2021).
- totalZero 4y ago
  He did so on 60 Minutes about a month ago: https://youtu.be/HfNnuQOHAaw?t=15 https://youtu.be/HfNnuQOHAaw?t=15
  - calgarymicro 4y ago
    Can't tell if he's trying to say that it only went up a little in September ("was 8.2 before"), but if he is then he's wrong - the YoY rate has come down every month since July.[1] So we still haven't passed the second derivative (which he did brag about in January apparently). [1] https://www.statista.com/statistics/273418/unadjusted-monthly-inflation-rate-in-the-us/ https://www.statista.com/statistics/273418/unadjusted-monthl...
Dylan16807 4y ago
That's a completely different level. Easy brag: Inflation is low. Hard brag: Inflation is high but not getting worse. <- Biden was here. Desperate brag: Inflation is getting worse every month, but the amount it gets worse is dropping. <- Nixon was here.

When? He bragged in July when the MoM rate was zero and the YoY rate fell by half a percent. I can't find him bragging anywhere that the rate is holding steady though.

hailwren 4y ago
Not the one gp was referencing, but here’s the Reagan quote pretty much verbatim from Biden: “we are making progress in slowing the rate of price increases.” https://www.cnbc.com/2022/01/12/biden-says-cpi-inflation-report-shows-progress-in-slowing-down-high-prices.html https://www.cnbc.com/2022/01/12/biden-says-cpi-inflation-rep...
- calgarymicro 4y ago
  >0.9% in October, 0.8% in November and 0.5% in December, according to the Labor Department. Definitely similarly tone deaf, but in this case he was bragging about the second derivative, not the third - prices continued to increase, but the rate of increase (inflation) was indeed falling.
  - hailwren 4y ago
    Errmm? He says “we are making progress in slowing the rate of price increases”. (making progress in (slowing the (rate of price increases))) 3 ————————— 2 ————— 1 ——————————— The question is what you think “progress” is doing in that sentence. Slowing the rate => 2nd deriv is decreasing but progress, to me, implies that third deriv is what is being pointed at. 2nd deriv would be “we are slowing” to me. I’m not sure what inflation number you’re looking at, but CPI for Oct/Nov/Dec of 2021 was: 6.2%, 6.8%, 7%
    - calgarymicro 4y ago
      Rate of increase in prices = inflation = first derivative of prices. Slowing the rate of increase in prices = lowering inflation = second derivative. I wouldn't interprete 'making progress in lowering the rate of increase' as 'lowering the rate of increase of the rate of increase' which is basically how you'd have to read that to get to the third derivative. As the article points out, Biden was talking about MoM inflation, I quoted the numbers there for those months. They're in the article.
    - Dylan16807 4y ago
      "Making progress" here is saying that they are doing it but their job is not done. It's not taking a derivative. "Making progress in slowing" is the same as "slowing", basically. They are celebrating a decrease in the rate of price increases. For Nixon, there was still an increasing of the rate of price increases.
hartator 4y ago
> When? He bragged in July when the MoM rate was zero and the YoY rate fell by half a percent. I think it was MoM rate that was -0.5%, YoY rate was still above 8%.
- calgarymicro 4y ago
  The MoM rate (the amount prices increased in July) was zero (down from 1.3% in June), not -0.5%, meaning that prices stayed the same. If it had been -0.5%, that would have meant prices decreased in July by half a percent. The YoY rate is what fell by 0.6% (not 0.5% like I thought), meaning that prices had risen a total of 8.5% since July 2021, a decrease from 9.1% in June (vs. June 2021).
totalZero 4y ago
He did so on 60 Minutes about a month ago: https://youtu.be/HfNnuQOHAaw?t=15 https://youtu.be/HfNnuQOHAaw?t=15
- calgarymicro 4y ago
  Can't tell if he's trying to say that it only went up a little in September ("was 8.2 before"), but if he is then he's wrong - the YoY rate has come down every month since July.[1] So we still haven't passed the second derivative (which he did brag about in January apparently). [1] https://www.statista.com/statistics/273418/unadjusted-monthly-inflation-rate-in-the-us/ https://www.statista.com/statistics/273418/unadjusted-monthl...

Dylan16807 4y ago

That's a completely different level. Easy brag: Inflation is low. Hard brag: Inflation is high but not getting worse. <- Biden was here. Desperate brag: Inflation is getting worse every month, but the amount it gets worse is dropping. <- Nixon was here.