Biden insists inflation is ‘temporary’ - Experts Say - July 19, 2021
On July 19, 2021 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.
Biden also claims that a pair of massive bills that he hopes to ram through Congress this year — costing a combined $4.7 trillion — would actually reduce inflation.
“If your primary concern right now is inflation, you should be even more enthusiastic about this plan,” Biden said in remarks from the White House State Dining Room. “These steps will enhance our productivity, raising wages without raising prices, and won’t increase inflation. It will take the pressure off of inflation.”
Like Biden's COVID vaccines that did not prevent infection, his Build Back Better bills did not stop inflation. Biden's "experts" are "mostly" WRONG!
