President Biden said Monday that Congress needs to pass his sweeping economic agenda in order to tamp down rising inflation amid concerns that another burst of government spending will act as an accelerant to already rapidly rising consumer prices.
“As our economy has come roaring back, we’ve seen some price increases,” the president said, speaking from the White House. “Some folks have raised worries that could be a sign of persistent inflation. But that’s not our view.”
Biden said that his administration was doing “everything we can” to address the higher-than-expected inflation, but he pushed back against fears of persistent inflation and maintained his stance the recent surge in consumer prices is temporary.
– Read more at Fox Business
President Biden on Monday insisted that his massive spending plans aren’t causing price hikes on everything from bacon and bread to gas and electricity, saying inflation is “temporary” and “expected” after the COVID-19 pandemic.
Biden argued that about 60 percent of price increases are caused by “transitory effects” linked to COVID-19, such as shortages of lumber and semiconductors, and aren’t a sign of substantial long-term inflation linked to deficit spending.
“Our experts believe and the data show that most of the price increases we’ve seen were expected and are expected to be temporary. The reality is you can’t flip the global economics light back and not expect this to happen,” Biden said.
– Read more at the NY Post