Posted on 09/19/2022 5:38:48 AM PDT by Red Badger
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.
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.
"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.
FO, Biden. You and your people have no legitimacy.
It’s a “mostly transitory” recession...
If this isn’t a campaign commercial by tomorrow the RNC should disband itself.
L
You caint fix stoopid.
The liar didn’t create any jobs. Trump had gotten people back to work. Gas was low and the economy was doing well. The dems wouldn’t let Trump take credit for that, and helped the chicoms release a virus which resulted in a pandemic. Businesses were forced to close. People were thrown out of work. And they blamed Trump for that.
They knew that the economy would improve. They had trashed it during Trump’s term. It would bounce back after the election, and they would give biden the credit.
Nature does.......................
Why Democrats and RINOs love inflation:
1. They want to spend our money as they, not we, see fit.
2. Raising tax rates is political suicide for a legislator.
3. Thus, they use deficient spending and print money.
4. This is the driver behind inflation.
Inflation is a tax. They love taxes!
Dems line up for the Darwin Awards
DU is not happy with that message. Some excerpts:
https://www.democraticunderground.com/10142971168
“re: “no one’s wearing masks” — and that’s a GOOD thing?”
“I am not at a grandson’s first birthday party today because it’s not over. Just can’t expose myself. It will kill me if I get it.”
“I am definitely staying masked and boosted and keeping 6’ from people standing in line at stores.”
” I’m still wearing a mask Joe. inside everywhere.”
https://www.democraticunderground.com/100217170780
” Not as far as I’m concerned.
I still mask up when I’m in public places, and I’ll continue to do so.”
“I’m sure he knows it’s not.”
“I guess I am not “no one” because I wear a mask everywhere except in my own home.”
“I don’t know why he says things like this. My county is in high community transmission and has been for months. Anyone who doesn’t wear a mask is just asking for trouble. Even if someone gets a mild case, there is an increased risk of all sorts of health issues and possible long Covid.”
“This is...a terrible message if you want people to get vaccinated. What the actual f**k.”
“the pandemic is NOT over and we should be encouraging people to get vaccinated, HARD.”
The most important reason is they can pay off debt with inflate dollars.
China warned them not to do this.......................
Oops, wrong thread
He should have said that it was down from 8.5...
What, and not get invited to the Inside-The-Beltway cocktail parties?
Wait! Didn’t he say last month it was ZERO? Now it is 8.3. Ah, but nothing to worry about, the stores won’t have important items that you might need, so price won’t matter.
And, as we all know, an inch always becomes a mile when government gets involved. That’s what government does best.
I am confused:
IF July inflation was 8.2 %-—
And August inflation was 8.3%-—
Isn’t that a combined TOTAL of 16.5% ??????
It’s calculated on a 12 month basis.
July was increase from Aug 2021 thru July 2022
Aug was Sept 2021 thru Aug 2022
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