President Joe Biden lashed out during an interview with NBC News host Lester Holt on Thursday after Holt asked Biden about the ongoing problem of inflation that Americans are facing.
“I think it was back in July, you said inflation was going to be temporary,” Holt said. “I think a lot of Americans are wondering what your definition of temporary is.”
“Well, you’re being a wise guy with me a little bit, and I understand that’s your job,” Biden responded. “But look, at the time, what happened was the, uh, let’s look at the reasons for the inflation. And the reason for the inflation is the supply chains were cut off, meaning that the products, for example, automobiles, the lack of computer chips to be able to build those automobiles so they could function, they need those computer chips, they were not available.”
“So, what happens?” Biden added. “When the number of cars were reduced, the new cars reduced, it made up at one point one-third the cost of inflation because the price of automobiles were up.”
Holt’s question to Biden comes as new inflation numbers were released on Thursday that showed that inflation has skyrocketed to its fastest pace in four decades.
The Daily Wire reported:
Inflation continued its once-in-a-generation surge in January, reaching a rate of 7.5%. According to the United States Department of Labor, the Consumer Price Index (CPI) — which tracks costs faced by the typical American family — attained its highest rate of increase since February 1982. Core CPI, which does not consider volatile categories such as food and energy, increased by 6% year-over-year.
Inflation refers to the erosion of a currency’s purchasing power. Though nominal wages are rising as the American economy recovers from COVID-19 and the lockdown-induced recession, “real average hourly earnings” — which consider the effect of inflation — fell by 2.4% last year.
Biden responded to the new inflation numbers by saying that people should have “peace of mind,” adding, “I know food prices are up, and we’re working to bring them down. As I said, I grew up in a family where the price at the pump went up, you felt it. I understand. But these things are necessities.”
WATCH:
Asked about his historic inflation crisis, Biden calls the reporter "a wise guy" and blames inflation on "the lack of computer chips." pic.twitter.com/X2IwYf3OXB
— RNC Research (@RNCResearch) February 10, 2022
TRANSCRIPT:
LESTER HOLT, NBC NEWS HOST: I think it was back in July, you said inflation was going to be temporary. I think a lot of Americans are wondering what your definition of temporary is.
JOE BIDEN, PRESIDENT: Well, you’re being a wise guy with me a little bit, and I understand that’s your job. But look, at the time, what happened was the, uh, let’s look at the reasons for the inflation. And the reason for the inflation is the supply chains were cut off, meaning that the products, for example, automobiles, the lack of computer chips to be able to build those automobiles so they could function, they need those computer chips, they were not available. So, what happens? When the number of cars were reduced, the new cars reduced, it made up at one point one-third the cost of inflation because the price of automobiles were up.