Joe Biden, the U.S. president has also shared his views on inflation. “I am more optimistic than I’ve been in a long time,” he said, noting that inflation has not spiked for several months. Many people disagree with Biden, with one saying that “families are poorer than when he took office.”
US President Joe Biden’s Views on Inflation and the U.S. Economy
Interview with 60 Minutes on Sunday, U.S. President Joe Biden covered a broad range of topics including the U.S. economic and inflation. Biden was asked how he could do more to reduce the 8.3% annual inflation rate. Biden replied:
First of all, let’s put this in perspective. The month-to-30 inflation rate only increased by a mere inch.
Noting that he’s not arguing that 8.3% inflation is good news, Biden stressed: “It was 8.2% before.”
While acknowledging that the inflation rate is the highest in 40 years, the president said: “Guess what we are, we are in a position where for the last several months it hasn’t spiked … It’s been basically even. And in the meantime, we created all these jobs.” While admitting that the prices have gone up, Biden argued that “They have come down for energy.”
When asked whether the U.S. economy is going to get worse, President Biden said: “No, I don’t think so. We hope we can have what they say: a soft landing.” Regarding whether inflation is going to continue to decline, the president remarked:
I am telling the American people that we are going to get control of inflation … I am more optimistic than I’ve been in a long time.
“Their prescription drug prices are going to be a hell of a lot lower. They will have lower healthcare costs. Their basic costs for everybody, their energy prices are going to be lower,” he continued.
Twitter users took to Twitter to criticize President Biden for downplaying this problem and failing to grasp the American people’s problems. A number of Twitter users reminded Biden, after he claimed that inflation hasn’t risen since he became president, that it was only 1.4% at the time he came to office.
Joel Griffith, an economist and Heritage Foundation research fellow, tweeted a list containing items whose prices have increased significantly. This included gas and food.
The conversation was also attended by politicians. Jennifer-Ruth Green, a candidate for Indiana’s Congress, tweeted: “Inflation was 1.4% when Joe Biden took office and it is 8.3% nineteen months later. Americans are badly hurting and instead of taking responsibility for his mistakes, the president just wants the issue to go away so he can keep his party in power after the midterms.”
Ronna McDaniel, chairperson of the Republican National Committee, opined: “Yesterday, Biden said Americans need to put inflation in ‘perspective.’ That perspective: Real wages have fallen since Democrats passed their $1.9 trillion ‘stimulus,’ and families are poorer than when he took office.”
Jim Bognet, a candidate for Congress in Pennsylvania, wrote: “Joe Biden, Nancy Pelosi, and Matt Cartwright think 8.3% inflation is acceptable. It’s not. Americans are being crushed. Your monthly income has been cut off by the inflation rate that is 40 times higher than it was in previous years. We need change now.” Former Secretary of State Mike Pompeo opined: “President Biden may not think that inflation is a big deal. But every American who shops for groceries knows the devastating impact of Biden’s policies.”
Jay Clayton, former chairman of the U.S. Securities and Exchange Commission (SEC), commented on CNBC that while Biden is right to focus on inflation, “People don’t pay inflation, they pay prices.” He described:
People are focused on prices … Average household spending is going up $500 a month. It hurts.
What do you think about President Joe Biden’s comments on inflation? Please leave your comments below.
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