Biden says inflation was up 'just an inch, hardly at all' in report that sent stocks tanking
Washington Examiner ^ | September 19, 2022 03:16 AM | by Victor I. Nava, Overnight News Editor |
Posted on 9/19/2022, 8:38:48 AM
President Joe Biden attempted to put historic levels of inflation "in perspective" on Sunday, arguing that last week's inflation number was up "hardly at all" from the previous month.
When asked by CBS's Scott Pelley on 60 Minutes Sunday what he could do "better and faster" to bring down price increases, Biden said that the 8.3% annual inflation rate revealed last Tuesday was "just an inch" higher than the previous report and that people shouldn't act shocked at the number.
"Mr. President, as you know, last Tuesday the annual inflation rate came in at 8.3%. The stock market nosedived. People are shocked by their grocery bills. What can you do better and faster?" Pelley asked Biden, to which he responded, "Well, first of all, let's put this in perspective. Inflation rate month to month was just — just an inch, hardly at all ..."
When Pelley questioned Biden on whether he believed the latest 8.3% rate was good news, the president rejected the notion, but said inflation has gotten to the point where "it's been basically even," month over month.
"No, I'm not saying it is good news. But it was 8.2% or — 8.2% before. I mean, it's not — you make it sound like all of a sudden, 'My god, it went to 8.2%,'" Biden said.
August’s consumer price index report is raised fears that inflation is more entrenched than previously thought. Inflation was measured at 8.3% for the 12 months ending in August, higher than economists had expected. On a monthly basis, prices increased by 0.1%.
The U.S. stock market tanked in response to the report, with the Dow Jones Industrial Average losing more than 1,200 points on Tuesday, on what was the worst day for U.S. stocks since the first few months of the COVID-19 pandemic in 2020.
"We're in a position where, for the last several months, it hasn't spiked. It has just barely — it's been basically even. And in the meantime, we created all these jobs and — and prices — have — have gone up, but they've come down for energy," Biden said of the persistently high level of inflation during his administration.
"The fact is that we've created 10 million new jobs. We're in — since we came to office. We're in a situation where the — the unemployment rate is about 3.7%. one of the lowest in history. We're in a situation where manufacturing is coming back to the United States in a big way. And look down the road, we have massive investments being made in computer chips and employment. So, I — look, this is a process. This is a process," Biden added.
GTFO!
During the interview, Biden said he hopes the economy can have "a soft landing" and that he doesn't believe it will get any worse. However, he would not promise that inflation will continue to decline. NO FNG S! Its only going to get worse moron.
"And you would tell the American people that inflation is going to continue to decline?" Pelley asked the president.
"No, I'm telling the American people that we're gonna get control of inflation," Biden answered, promising to lower prescription drug prices, healthcare costs, and energy bills.
"Their basic costs for everybody ... They're gonna be in a situation where they begin to gain control again. I'm — more optimistic than I've been in a long time," Biden said.
