We just learned that inflation rose by 8.6 percent in May, the worst increase since 1981.
Inflation has been causing serious economic hardship for millions of Americans for months and it just keeps getting worse.
Yet just 11 months ago, Joe Biden assured us that ‘no serious economist’ was suggesting that unchecked inflation was on the way.
Does he even know what he’s talking about?
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This July 2021 report is from ABC News:
Biden pushes back on inflation fears ahead of infrastructure plan vote
With financial markets down sharply Monday over whether the new delta variant would endanger the recovery, President Joe Biden on Monday pushed back on inflation fears also giving investors jitters, insisting that his policies will create a strong economy and that higher prices are only a short-term growing pain.
“There’s nobody suggesting there’s unchecked inflation on the way, no serious economist. That’s totally different — I mean, look, the stock market is higher than it has been in all of history, even when it was down this month. Even down this month,” Biden said in White House remarks touting the recovery six months into office.
Biden also took a moment to hit former President Donald Trump for his focus on the stock market, noting there are other ways to judge economic health.
“Now, I don’t look at a stock market as a means by which to judge the economy like my predecessor did. But he’d be very, he’d be talking to you every day for the last five months about how the stock market is so high. Higher than any time in history. Still higher than any time in history. So, that’s not how I judge whether or not we’re having economic growth,” Biden said.
Here’s the video:
INFLATION: President Biden says, “There’s nobody suggesting there’s unchecked inflation on the way, no serious economist.” pic.twitter.com/VofmVi4s8e
— Forbes (@Forbes) July 19, 2021
Voters should keep this in mind the next time Biden starts making predictions about the economy.
He clearly doesn’t understand the issue.
Cross posted from American Lookout.