Biden denies being responsible for high inflation

 February 5, 2023

Inflation continues to be a pressing concern, with a Gallup poll conducted late last month showing that it was the second most commonly cited issue by Americans.

For his part, President Joe Biden continues to deny that he is responsible for the problem. Yet as a recent New York Post article pointed out, the data suggests otherwise. 

President says inflation "was already there when I got here"

"Do I take any blame for inflation? No," the Post quoted Biden as telling reporters at an event on Friday where he touted last month's low unemployment numbers.

When a journalist asked the president why he did not take any responsibility for high inflation, Biden responded, "Because it was already there when I got here, man."

"Remember what the economy was like when I got here?" he demanded. "Jobs were hemorrhaging. Inflation was rising.

"We weren’t manufacturing a damn thing here," the president asserted, adding, "We were in real economic difficulty. That’s why I don’t."

Annual inflation grew under Biden from 1.4% to a peak of 9.1%

However, the Post pointed to the Bureau of Labor Statistics’ Consumer Price Index., which shows that annual inflation was just 1.4% when he took office in January 2021.

It skyrocketed, reaching 9.1%, the highest level in four decades. While inflation has since declined somewhat, it still stood at  6.5% in the latest data from December.

Still, the Post noted that Biden went on to boast of his supposed economic success, insisting that "critics and cynics" have mischaracterized his track record.

The president stressed that America has seen the "strongest job growth in history" with "the lowest unemployment rate in 54 years."

Economist predicts interest rate hike in March

"Put simply, I would argue the Biden economic plan is working," he bragged. "For the past two years, we’ve heard a chorus of critics write off my economic plan.

"Well, today’s data makes crystal clear what I’ve always known in my gut: These critics and cynics are wrong," the president declared.

Still, the Post pointed to signs that consumers are likely to be confronted by higher interest rates. Ian Shepherdson serves as chief economist for Pantheon Macroeconomics, and he was quoted as saying, "We now think the Fed is more likely than not to hike in March."

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