US President Joe Biden shares his thoughts on inflation. “I’m more optimistic than I’ve been in a long time,” he said, noting that inflation hasn’t spiked in months. Many disagreed with Biden, with some saying “families are poorer than they were when he took office.”
US President Joe Biden on inflation and the US economy
U.S. President Joe Biden discussed a wide range of topics, including the U.S. economy and inflation, in a 60-minute interview that aired on Sunday. He was asked if he could do better and faster given the annual inflation rate of 8.3%. Biden replied:
First, let’s look at it from this perspective. Inflation has risen by only an inch month-over-month, barely rising.
Biden noted that he was not saying 8.3 percent inflation was good news, stressing: “It was 8.2 percent before.”
The president acknowledged that inflation was the highest in 40 years, but said: “Guess what, we’re in a position where we haven’t spiked over the past few months … basically flat. At the same time, we’ve created all these jobs.” Biden, while acknowledging the rise in prices, argued that “they went down for energy.”
Asked if the U.S. economy is going to get worse, President Biden said: “No, I don’t think so. We hope we have what they say: a soft landing.” On whether inflation will continue to decline, the president said:
I tell the American people that we will control inflation…I am more optimistic than I have been in a long time.
“Their prescription drug prices will be a lot lower. Their health care costs will be significantly lower. Their base cost to everyone, their energy prices will be lower,” he continued.
Many took to Twitter to attack President Biden for downplaying the issue and ignoring the challenges facing the American people. In response to his insistence that inflation has not soared, some reminded the president that inflation was 1.4% when he took office.
Heritage Foundation economist and researcher Joel Griffiths tweeted a list of items whose prices have risen sharply, including gasoline, food and furniture.
Politicians also joined the conversation. Indiana congressional candidate Jennifer-Ruth Green tweeted: “Inflation was 1.4% when Joe Biden was in office, 8.3% 19 months later. Americans were hit hard and the president didn’t Take responsibility for his own mistakes and just want this problem to go away so he can keep his party in power after the midterm elections.”
Ronna McDaniel, chair of the Republican National Committee, said: “Yesterday, Biden said Americans need to put inflation on an ‘angle’. This view: Since the Democrats passed the $1.9 trillion ‘stimulus package’, Real wages have fallen and families are poorer than they were when he took office.”
Pennsylvania congressional candidate Jim Bognett wrote: “Joe Biden, Nancy Pelosi and Matt Cartwright think 8.3% inflation is acceptable. It’s not. Americans are crushed Broken. Highest inflation in 40 years robs you of a month of annual income. We need to change now.” Former Secretary of State Mike Pompeo believes: “President Biden probably thinks inflation is no big deal. But every purchase Grocery Americans know the devastating impact of Biden’s policies.”
Former SEC Chairman Jay Clayton commented on CNBC that while Biden is right to focus on inflation, “people don’t pay inflation, they pay price.” He described:
The focus is on the price…the average household spending increases by $500 per month. That hurts.
What do you think of President Joe Biden’s comments on inflation? Let us know in the comments section below.
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