A new billboard in New York City’s Times Square shows President Biden face-palming next to a revolving ticker of rising consumer prices, roasting the commander-in-chief for boasting about last year’s economy.
The billboard’s headline says: “Hey Joe, stop the malarky! Inflation is real.” Referring elsewhere to “DemFlation,” it adds: “Small businesses and all Americans are feeling the pain.”
The animated ticker displays year-over-year cost increases from the Consumer Price Index for bacon, gasoline, meat, eggs, heating oil and used cars. While the price of bacon jumped by 18.6% from December 2020 to December 2021, the cost of gasoline at the pump went up by 49.6%.
Inflation, as measured by the Consumer Price Index, hit a 40-year high of 7% in December, and Federal Reserve Chairman Jerome Powell said the central bank likely will begin to raise interest rates in March to curb high prices. The action will increase consumers’ costs of borrowing on items such as auto loans and mortgages.
The Job Creators Network, a conservative advocacy group, has paid for the billboard above Broadway for two weeks. The sign is part of a six-figure campaign countering the president’s boasts about record growth in gross domestic product and jobs.
The GDP grew 5.7% in 2021, the Commerce Department reported Thursday, the fastest pace in 1984. The economy increased in the fourth quarter at a 6.9% annualized pace as businesses began to replenish inventories.
The strong growth came after the federal government spent nearly $6 trillion in pandemic relief. The GDP shrank in 2020 by 3.4%, the most in 74 years.
• Dave Boyer contributed to this report.
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