President Joe Biden downplayed soaring inflation numbers as Americans brace for another cost-of-living increase.
During an interview on CBS’s “60 Minutes,” Biden claimed that inflation “hasn’t spiked” over the past several months and that the month-over-month rate of change in inflation was relatively small.
“The inflation rate from month to month was just an inch, hardly at all,” Biden told Scott Pelley.
This comes after the release of Consumer Price Index (CPI) data last week that showed a 12-month inflation rate of 8.3 percent. The Bureau of Labor Statistics also reported that real average hourly earnings fell 2.8 percent last month compared to the previous year.
When asked about the fact that the annual pace of inflation is running close to a multi-decade high, Biden doubled down on ignoring the consequences of the situation.
“I got that,” Biden said. “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.”
The president recently celebrated the passing of the Inflation Reduction Act, which was met with scrutiny following the release of the CPI data.
“Joe Biden is the most out-of-touch president of my lifetime. He looks like a fool celebrating his reckless spending spree while prices continue to rise and the stock market is tanking,” said Minnesota Republican Rep. Tom Emmer in a statement.
Former Obama Treasury Secretary, Lawrence Summers, also blasted the Biden administration for celebrating despite a negative inflation report.
“Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one,” Summers tweeted.
During the celebration, more than a thousand people were crammed onto the south lawn of the White House as Democrats praised the so-called “good job” they have done since taking over the White House.
“Mr. President, thank you for unifying and inspiring a vision of a stronger, fairer, safer future for all our children. Your extraordinary leadership has made this glorious day possible,” House Speaker Nancy Pelosi said.
