President Joe Biden stumbled through his comments on Tuesday morning, referring to record-setting inflation as “strength.”
“I agree with what Chairman Powell said last week,” Biden began. “That the number one threat is the strength — and that strength that we’ve built is inflation.”
Biden: "The number one threat is the strength, and that strength that we've built is inflation." pic.twitter.com/Tgpeao1Of7
— Greg Price (@greg_price11) May 10, 2022
According to Politico, what Federal Reserve Chairman Jerome Powell said last week was that he saw a “strong economy” in the United States — but one that was threatened by out-of control inflation.
“Inflation is much too high and we understand the hardship it is causing,” he said. “We have a good chance to restore price stability without a recession, without a severe downturn, without materially higher unemployment. I see a strong economy now. I see a very strong labor market.”
Biden also claimed that he and his administration were doing everything they could to implement a plan to tackle inflation — before pivoting to blame it on the lasting effects of the COVID-19 pandemic and Russian President Vladimir Putin’s ongoing war on Ukraine.
Biden says that he is taking inflation "very seriously" before once again blaming it on covid and Putin pic.twitter.com/pbh36SPzpi
— Greg Price (@greg_price11) May 10, 2022
“I’m taking inflation very seriously. It’s my top domestic priority,” he said. “I’m here today to talk about solutions, and there’s going to be more we’re going to have to talk about as well.”
“But first, I want us to be crystal clear about the problem. There are two leading causes of inflation we’re seeing today,” Biden continued. “The first cause of inflation is the once in a century pandemic. Not only did it shut down our global economy, it threw the supply chains and demand completely out of whack, especially in countries where more effective recovery responses weren’t available, especially in those sectors that rely on semiconductors.”
“These supply challenges have been further hampered by the onset of Delta and Omicron viruses,” Biden added. “And you’ve all seen it, you’ve all felt it.”
The second cause of inflation, Biden said, was the ongoing war between Russia and Ukraine — which he has repeatedly blamed for skyrocketing gas prices despite the fact that gas prices have been rising steadily since he was sworn in late last January.
“We saw in March that 60% of inflation that month was due to price increases at the pump for gasoline,” Biden said, failing to point out the fact that inflation rates in the United States had already been jumping at the fastest pace in decades before Putin ordered his occupation forces to invade Ukraine.