President Biden attempted to play down the US inflation crisis during a “60 Minutes” interview, claiming that the month-on-month rate “rarely” increased — which prompted his CBS interviewer to dispute his response. inspired to.
CBS correspondent Scott Pele asked: “Mr. President, as you know, last Tuesday the annual inflation rate was 8.3%. The stock market fell. People are puzzled by their grocery bills. What can you do better and faster? Huh?”
Biden quickly told Pele that he should “put it in perspective” and that the inflation rate from month to month was “just up an inch, rarely.”
Pele immediately intervened: “You are not arguing that 8.3 [percent] Good news?”
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“No, I’m not saying it’s good news, but it was 8.2 or 8.2.” [percent] Before,” Biden replied. “I mean… you’re making, make it sound like, all of a sudden, my gosh, it went up to 8.2%.”
“This is the highest inflation rate, Mr President, in 40 years,” Pelli retorted.
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“I get that. But guess what? We’re in a position where it hasn’t grown for the past several months, it’s barely, it’s basically even. And in the meantime, we’ve had all these jobs. produced,” Biden argued, acknowledging that prices “have gone up.”
The interview is the latest of Biden’s efforts to aggressively defend his economic policy. The White House celebrated the passage of the Inflation Reduction Act last week – despite the Dow Jones Industrial Average falling more than 1200 points on the same day.
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The Inflation Reduction Act aims to lower prices for consumers, as the current economic crisis is forcing some Americans to rely on credit to pay for basic necessities.
“When it comes to credit card spending over the years, we’ve seen a change in the categories where people are spending their money,” said Krista Phillips, executive vice president of Wells Fargo. “Right now, our top categories are grocery and gas.”
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Recent data from the Cox Automotive/Moody’s Analytics Vehicle Affordability Index showed that the average cost of a monthly car payment in the US has risen to $743.
Furthermore, a Penn Wharton analysis from the University of Pennsylvania showed that the Inflation Reduction Act would do little to reduce the annual rate of inflation in the midst of an economic downturn. The bill will reduce annual inflation by only 0.1 percent over the next five years.