Our far-left leadership truly believes the average American voter is an IDIOT. Why else would they repeat absolute LIES, seemingly without fear of getting caught? President Biden’s latest one was about inflation, claiming on Wednesday that inflation numbers in July hit zero percent. But Stu tells Glenn that Joe's claim actually is not an outright lie — it's more like an insane, 'disingenuous' manipulation of the facts. The guys explain it all in this clip…
TranscriptBelow is a rush transcript that may contain errors
GLENN: We have so much on our plate to talk about. The one thing we haven't talked about yet, are the inflation numbers. And it's remarkable, Joe Biden has just come out and said, we have zero inflation this month.
STU: Wow. We did it! We solved it.
GLENN: We did. We did. So we can start printings more money. We have zero inflation.
BIDEN: News that came out today, relative the economy. Actually, I just want to say a number.
Zero. Today we received news that our economy had 0 percent inflation in the month of July.
GLENN: That's weird.
STU: Yeah. Because that's not how --
BIDEN: What that means, the price of some things went up last month. The price of some other things went down the same amount. The result, 0 percent inflation last mop.
STU: Now, that's incredible there. And it's interesting, because every single publication is reporting the number as 8.5 percent.
GLENN: Right. But that's very close to zero.
STU: Very close to zero. Now, I want to be clear, to show you how disingenuous this person is. This is how he's come to this conclusion, okay?
Because people are just saying, oh, he's lying. And he's not quite lying. This is what he's doing. Now, every single time we talk about inflation, we talk about it as an annual number.
STU: That is how we talk about it. Year to year. Everybody talks about it the same way. 8.5 percent, is the headline annual number. That's the number that everyone has been talking about, which everyone focuses on. So what he's done, is take that number, and ignore it completely. Then, he's converted what he's looking at, from the headline number, to the core number. Now, there's two different measures of it inflation. Basically, the core number takes out food and takes out energy. To summarize it. So that number was 5.9 percent, I believe it was this -- this --
GLENN: Which is zero.
STU: Which is --
GLENN: I don't know if it's closer to 8.5. One of the two. They're both closer to zero. We have a scale from one to a billion. Fine. Might as well call it zero.
STU: Right. Sure. So he's ignored the main number. He's presented only the core number. Which has been lower the entire time. And then he's instead of taking the annual measure. He's done only the month to month measure.
Now, no one -- the month to month number, is not the number anyone talks about. And to be clear, it was only supposed to be 0.2 percent. So what he's saying is -- now, that's almost zero anyway. That's what everyone was expecting it to be. 0.2 percent. Instead, it was 0.0 percent, and he is out there bragging saying, oh, well, this just shows, there's no inflation month to month.
So he's ignored the main measure. And he's basically taking the secondary core measure, and divided it by 12, even though that's not exactly how they come up with the number. And he's saying that there's been no inflation. Now, this is entirely disingenuous. And what I've said before, on this program, on Stu Does America as well. We are very close to one of the most annoying things you're ever going to experience. Which is, this main number that everyone is talking about. 9.1 percent. Is going to start getting lower. And when that happens, the administration is going to brag about it. However --
GLENN: This is important.
STU: This is important. What most people will say, when I -- when you say to them, hey. Inflation last month was 9.1 percent. And this time, it's 8.5 percent. Most people will say, first of all, it's going down. That will be their initial reaction. It's going down. And because most people will say that, the administration will brag about it going down.
GLENN: It's month to month.
STU: Yeah. That's the annual measure, but it's two separate months.
Most people will say, okay. If something is $100 a year ago, it was $109 last month, and now, it's, what? 108.50, right? It's coming down a little bit?
It's important to know, that's not how this number works. The number works based on a year-to-year measure. So they're comparing July to the previous July. The reason why I'm saying these numbers are going to come down. And everybody is going to say. Well, we're past peak inflation. The reason why that's going to happen. Is because the new numbers. Follow me on this. The new numbers are building on old numbers that were already inflated.
GLENN: So you're not going -- you're not measuring it from 100.
STU: One hundred.
GLENN: You're measuring it from 108. So what is the increase of 108?
STU: Right. So let me give you this. This is a real world example. This is actually what happened, okay? If you bought something in July 2020, at $100.
STU: In July 2021, inflation was at 5.4 percent. So that was costing $105.43.
STU: This new number --
GLENN: Well, it's down. It's down. So I should pay 103.
STU: 103 or 104, right? No. It's up 8.5 percent from 105.40. So the new number, the thing that used to cost $100 two years ago, now costs $114.36. So your prices are up 14 percent. That's the inflation number from what our normal prices. 14.36 percent. And the administration is going to spend all day bragging about that. And it is -- and you're going to go into the store. And you'll say, wait a minute. These prices aren't any lower. They're all higher.
In fact, they're 14 percent higher on average, and you will be right. And they will be bragging about it.
That's the rest of your day, everybody. Boys and girls get together and realize, these idiots are going to come out here, and say this all day, because they think you are so stupid, you just might believe it. And they know they're lying. And they're going to do it anyway. That's the rest of your day.
GLENN: Average people. Average people don't know that. And they know it. They know it. They know it. The average person has no idea, that what costs $100 last year, was 108. And today, because of the inflation. You go up from the 108. It's not -- it's not going back towards 100. It's adding. When they say 2 percent inflation is our target. That means, prices always go up. Every year, by 2 percent. That means, your dollar is becoming -- that's why something costs a time. You know, in 1940. Oh. I want that beautiful Cadillac over there. All right. Dollar and a half.
STU: Now it's $185,000.
GLENN: That's all inflation. That's inflation. Because it continues to adds on top of each other.