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After NBC's Lester Holt pointed out that President Biden incorrectly predicted that rising inflation would be transitory, Biden referred to Holt as a 'wise guy'.
According to your statement from the beginning of this year, inflation would be short-lived." Joe Holt, who interviewed Vice President Joe Biden for the first time in 2022, asked him what he meant by "temporary."
Well, at least you're being a wise person around here," Biden responded. 'And that's your job, too,' I understand."
Federal CPI data shows consumer prices rose 7.5% in January from a year earlier, defying White House hopes that prices would start declining soon.
"The top" of inflation, according to Vice President Joe Biden in December, was the 6.8 percent annual rate that had been reported in November. A few months earlier, in July, when inflation was hovering about 5%, he declared it "temporary."
Biden told Holt that COVID-19 supply chain problems contributed increase prices and singled out a scarcity of semiconductors for vehicles — despite the government CPI recorded substantial hikes in a broad basket of goods and services.
“When can Americans expect some relief from this soaring inflation?” Holt asked.
At least 14 Nobel laureates contacted him, as well as a number of business executives, according to the president, "and as we move through this year," it should be able to taper off."
Biden filmed the interview in Culpeper, Va., right after he made a speech asking Democrats to adopt his delayed $2.2 trillion Build Back Better Act as a method to ease inflation — despite Republicans and moderate Democrats contending that government spending created the present crisis.
As the dollar's depreciation erodes Biden's support, he has lashed out at other reporters who have asked about inflation.
"More inflation is a tremendous asset. What a foolish son of a bitch,” Biden muttered last month when challenged about the subject by Fox News journalist Peter Doocy.
In particular, the $1.9 trillion American Rescue Plan Act, which Biden signed into law in March and gave $1,400 stimulus checks to Americans earning up to $75,000 a year and extended a $300 weekly unemployment supplement until September 6 and increased the annual child tax credit to $3,000-$3,600 per child, from $2,000, is being criticized by Biden's detractors
The stimulus provided by Vice President Biden comes on the heels of bipartisan legislation enacted in 2020 that allocated $4 trillion to the US to weather the epidemic. Biden signed in November a $1.2 trillion bipartisan infrastructure plan that the CBO projected would add $256 billion to the federal debt, while Biden maintained it would ultimately cut inflation by enhancing the movement of commodities.
