BIDEN’S INFLATION FANTASY. The reason President Joe Biden delivered a speech on inflation on Tuesday was that he knew the government would release the latest statistics on inflation Wednesday morning and he knew the news would be bad. Might as well try to get ahead of things. And now that the numbers are out, the news is indeed bad.

The Bureau of Labor Statistics reports inflation rose at an annual rate of 8.3% in April — ever so slightly less than the 8.5% annual rate in March, but still above the painful 8% line, and also above the 8.1% that had been predicted. In any event, the numbers inside the numbers are terrible.