Biden struck after declaring inflation hasn’t risen in months – ‘I’m more optimistic than I’ve been in a long time’ – Economy

US President Joe Biden has shared his view on inflation. “I’m more optimistic than I’ve been in a long time,” he said, noting that inflation hasn’t risen 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 US economy

US President Joe Biden discussed a wide range of topics, including the US economy and inflation, in an interview with 60 Minutes, which aired Sunday. He was asked what he can do better and faster given the annual inflation rate of 8.3%. Biden replied:

First of all, let’s put this into perspective. Inflation rose just an inch from month to month, barely.

Noting that he’s not claiming that 8.3% inflation is good news, Biden emphasized, “It used to be 8.2%.”

While acknowledging that inflation is the highest in 40 years, the president said, “Guess what, we’re in a position where it hasn’t risen in recent months… It’s basically been even. And in the meantime we have created all those jobs.” While admitting that prices have risen, Biden argued that “they have fallen for energy.”

When asked if the US economy is deteriorating, President Biden said, “No, I don’t think so. We hope we can get what they say is a soft landing.” As to whether inflation will continue to fall, the president noted:

I’m telling the American people that we’re going to get inflation under control… I’m more optimistic than I’ve been in a long time.

“The prices of their prescription drugs will be a lot lower. Their healthcare costs will be much lower. Their base costs for everyone, their energy prices will be lower,” he continued.

Many people took to Twitter to criticize President Biden for downplaying the issue and failing to understand the challenges facing the American people. Responding to his comment that inflation has not risen, a number of people reminded the president that inflation was 1.4% when he took office.

Economist and research associate at Heritage Foundation Joel Griffith tweeted a list of items whose prices have risen significantly, including gas, food and furniture.

Biden struck after declaring inflation hasn't risen in months - says 'I'm more optimistic than I've been in a long time'

Politicians also got involved in the conversation. Jennifer-Ruth Green, a candidate for Congress from Indiana, tweeted: “Inflation was 1.4% when Joe Biden took office and 19 months later it’s 8.3%. Americans are in a lot of pain and instead of taking responsibility for his mistakes, the president just wants the issue gone so he can keep his party in power after the midterm elections.”

Republican National Committee chairman Ronna McDaniel said: “Yesterday, Biden said Americans should put inflation in ‘perspective.’ That perspective: Real wages have fallen since Democrats exceeded their $1.9 trillion ‘stimulus’ and families are poorer than when he took office.

Jim Bognet, a Congressional candidate in Pennsylvania, wrote: “Joe Biden, Nancy Pelosi and Matt Cartwright find an inflation rate of 8.3% acceptable. It’s not. Americans are being crushed. Due to the highest inflation in 40 years, you have been deprived of your annual income for a month. We need change now.” Former Secretary of State Mike Pompeo opined: “President Biden may not think inflation is a big deal. But any American who does grocery shopping knows the devastating impact of Biden’s policies.”

Jay Clayton, former chairman of the U.S. Securities and Exchange Commission (SEC), noted on CNBC that while Biden rightly focuses on inflation, “people don’t pay inflation, they pay prices.” He described:

People are focused on prices… Average household spending is increasing by $500 per month. That hurts.

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Jay Clayton, Joe Biden, Joe Biden 60 Minutes, Joe Biden Inflation, Joe Biden Recession, Joe Biden US Economy, Mike Pompeo, President Joe Biden, Recession, US Economy, US Economy Inflation, US Inflation

What do you think of President Joe Biden’s comments about inflation? Let us know in the comments below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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