President Biden dismissed inflation concerns in a speech on Monday.
As The Daily Wire reported last week, the inflation rate has risen to 5.4% in the largest month-over-month increase since 2008. From the beginning of this year, the Department of Labor’s monthly inflation data has routinely outpaced economists’ forecasts.
Americans’ predictions for inflation have also reached record highs. The Survey of Consumer Expectations reveals that median one-year inflation expectations among consumers climbed to 4.8% in June — a 0.8% increase since last month. In January, February, March, April, and May, one-year expectations were 3.0%, 3.1%, 3.2%, 3.4%, and 4.0%, respectively.
President Biden sought to dismiss these concerns in a Monday morning speech.
“Our experts believe and the data shows that most of the price increases we’ve seen were expected and are expected to be temporary,” asserted Biden. “Reality is you can’t flip the global economic light back on and not expect this to happen. As demand returns, there’s going to be global supply chain challenges.”
“That’s a real challenge,” Biden added. “My administration is doing everything we can to address it. But, again, these disruptions are temporary.” – READ MORE
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