From the Heritage Foundation, I'm Michelle Cordero, and this is Heritage Explains. inflation rates hit a 40-year high last week, coming in at 9.1%.

The cost of everyday staples also increased.

The price of eggs went up 33.1%.

Meat, 8.2%, gasoline, 59.9%.

Used cars, 7.1%, and air travel, 34.1%.

This is all in addition to supply shortages.

Yet as the economy is flashing huge red warning signs, President Joe Biden and his administration

are telling us something different.

Look, here's what we are.

We have the fastest growing economy in the world, the world, the world.

We have 8.6 million new jobs just since I got in office. Unemployment rates down to 3.6%.

We've reduced the deficit last year by $320 billion. This year going to reduce it by $1.7 trillion,

trillion dollars.

When you look at inflation, when we look at where we are economically, and we are in a strong,

we are stronger economically than we have been in history.

When you look at the unemployment numbers at 3.6 percent, when you look at the jobs numbers,

more than 8.7 million of new jobs created, that is important.

But we understand that gas prices are high,

and we understand that food costs are high. And that is because of once in a generation

pandemic and also Putin's war. And that's just the facts.

So what's the truth?

Are we growing faster and stronger than ever?

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