After spending more than a year downplaying or dismissing concerns about inflation, President Joe Biden has acknowledged that prices are elevated above “normal” and that it “will take time” before those prices come back down again, Breitbart reported.
The admission starkly contrasts with the initial White House claims in 2021 that inflation would be “transitory” and short-lived, not to mention the false assertions over the summer months that sharply rising prices for most goods and services had been brought under control.
Inflation still increasing
The Bureau of Labor Statistics on Thursday released its summary of the Consumer Price Index for the month of October and revealed that overall inflation had increased by 0.4 percent over the prior month and was up 7.7 percent over a 12-month period.
There were some modest reductions in the inflation rate for certain sectors of the economy compared to September, though prices still continue to rise, and every single sector that is measured showed that prices remain substantially elevated over what prices were just one year ago.
Following the release of those inflation numbers for October, President Biden issued a statement that said, “Today’s report shows that we are making progress on bringing inflation down, without giving up all of the progress we have made on economic growth and job creation.”
“My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength,” he continued with a positive spin.
“Could see setbacks” in inflation reduction efforts
“It will take time to get inflation back to normal levels — and we could see setbacks along the way — but we will keep at it and help families with the cost of living,” Biden conceded.
The president went on to tout lower gas prices — which are still well above what they were when he first took office — and a slight reduction in costs for things like groceries, health insurance, and prescription drugs. “But our economy has reopened, new jobs are being created, new businesses are growing, and now, we are seeing progress in getting inflation under control — with additional measures taking effect soon,” he insisted.
Biden concluded by suggesting that he was willing to “work with anyone – Democrat or Republican,” to help bring down prices but then completely contradicted himself and said, “I will oppose any effort to undo my agenda or to make inflation worse,” when it is precisely his agenda that is making inflation worse.
Can’t “guarantee” inflation will go away, but remains “optimistic” recession can be avoided
President Biden also briefly touched on the topic of inflation, specifically as it pertains to the black community, during a press conference on Wednesday, but admitted that despite his touted accomplishments, “What I can’t do is I can’t guarantee that we’re going to be able to get rid of inflation, but I do think we can.”
“And so — but I am optimistic, because we continue to grow and at a rational pace, we’re not anywhere near a recession right now, in terms of the growth. But I think we can have what most economists call a ‘soft landing,'” he continued.
Biden added, “I’m convinced that we’re going to be able to gradually bring down prices so that they, in fact, end up with us not having to move into a recession to be able to get control of inflation.”