After another dismal inflation report, President Joe Biden claimed in an interview with 60 Minutes that the “Inflation rate month-to-month was up just an inch, hardly at all.”
Last week the White House threw a party celebrating the Democrats passage of The Inflation Reduction Act. News outlets cut into coverage of the event which even included a concert by James Taylor to report that the Dow had plummeted nearly 1,300 points after another wretched inflation report.
60 Minutes' host Scott Pelley asked Biden about the annual inflation rate which came in at 8.3 percent on Tuesday and the subsequent stock market nosedive. Pelley said, “People are shocked by their grocery bills. What can you do better and faster?”
“Well, first of all, let's put this in perspective. Inflation rate month to month was just—just an inch, hardly at all…” Biden replied.
"You're not arguing that 8.3 percent is good news," Pelley interjected.
Biden tripped over his own words in responding seemingly searching for an answer. "No, I'm not saying it is good news. But it was 8.2 percent or 8.2 percent before. I mean, it's not—you're ac—we act—make it sound like all of a sudden, ‘My god, it went to 8.2 percent.’ It's been…"
"It's the highest inflation rate, Mr. President, in 40 years," Pelley interrupted.
"I got that," Biden countered. "But guess what we are. We're in a position where, for the last several months, it hasn't spiked. It has just barely-- it's been basically even. And in the meantime, we created all these jobs and—and prices—have— have gone up, but they've come down for energy."
Biden then attempted to champion job creation and attempts he is making to bring manufacturing back to the US, but admitted, “this is a process. This is a process.”
“Is the economy going to get worse before it gets better?” Pelley asked.
“No," Biden answered. "I don't think so. We hope we can have what they say, 'a soft landing,' a transition to a place where we don't lose the gains that I ran to make in the first place for middle-class folks, being able to generate good-paying jobs and—expansion. And at the same time— make sure that we, we are, are able to continue to grow.”
“And you would tell the American people that inflation is going to continue to decline?” Pelley asked.
“No," Biden said. "I'm telling the American people that we're gonna get control of inflation. And their prescription drug prices are gonna be a hell of a lotta lower. Their health care costs are gonna be a lot lower. Their basic costs for everybody, their energy prices are gonna be lower. They're gonna be in a situation where they begin to gain control again. I'm—more optimistic than I've been in a long time.”
Last month, Biden falsely claimed Wednesday that the US had "zero inflation" in July just hours after federal Consumer Price Index data showed annual inflation dropped only marginally to 8.5 percent, still near a four-decade high.
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