WASHINGTON, DC — President Joe Biden continued his tradition of blunders on live microphones when he spoke on Tuesday about skyrocketing inflation gripping the country, oddly referring to rising prices Americans face in grocery stores and at the gas station as a “power.”
A Labor Department report on Wednesday found that inflation rose 8.3 percent year-on-year in April — after jumping 8.5 percent in March — and retail prices rose 0.3 percent from March. , with gas prices reaching record highs again; the average cost of a gallon of regular fuel is now $4,374.
These increases were higher than economists had predicted, according to Principal Global Investors Chief Strategist Seema Shah, and signs indicate that recovery from inflation of this degree may take longer than initially thought.
“This is yet another upward inflation surprise and suggests that the slowdown will be extremely slow,” he said. “The focus will soon begin to shift from where inflation peaked to where it plateaued, and we fear it will stabilize at an uncomfortably high level for the Fed.”
However, when Biden was asked by a reporter on Tuesday whether he believed he and his government… “carrying some degree of responsibility for the inflation that we are seeing across the country”, the president’s response initially seemed to indicate that he did, although he then seemed clumsy to try and shift the blame onto the Republicans.
“First, we are in power,” Biden replied, referring to the Democratic Party. ‘That’s the first. And you’re right… we control all three branches of government. Well, we don’t really.”
Biden’s verbal errors didn’t end there; he also tried to agree to Jerome H. Powell’s earlier pledge to fight inflation, citing the chairman of the board of the Federal Reserve “power” wage growth and the labor market. Sadly, Biden misunderstood Powell’s quote, bizarrely referring to inflation as a… “power” that his government had built.
†And I agree with what Chairman Powell said last week, that the biggest threat is force… and that force that we’ve built is inflation,” Biden said.