In front of tonight’s town hall, President Biden directly tackled inflation concerns As he made a pitch for his broader infrastructure agenda and took aim at his critics, citing six months of economic growth under his administration.
Biden sought to ease inflation fears as he called the case recent price hikes are temporary.
“As our economy roars back, we have seen a rise in prices. Some have expressed concern that this could be a sign of persistent inflation. This is not our idea. Our experts are of the view, and the data shows that most of the price increases we have seen were expected and expected to be temporary,” he said during remarks at the State Dining Room on Monday.
“The reality is that you can’t bring back the global economic light and expect that to happen. As demand returns, there are going to be global supply chain challenges,” he acknowledged. He described all the disruptions as “temporary”, citing price spikes with the hospitality industry.
Biden said his administration, however, takes the threat of inflation seriously.
“My administration understands that if we ever experience prolonged unchecked inflation, it will be a real challenge to our economy. So while we are confident that we are not seeing it today, we cannot take any necessary measures.” Going to be cautious about the response,” he said.
He described his broader infrastructure agenda, working on two separate tracks through Capitol Hill, as a “force to achieve lower prices for Americans”.
and like bipartisan infrastructure track While negotiating some of the road blocks, including disagreements over how to pay for the proposal, Biden tried to remind his congressional colleagues that an agreement was reached at one point, “outlining the bilateral infrastructure on which we We shook hands, we shook. Practical and dynamic.”
Biden cited economic progress against the pandemic, quoting directly from his predecessor, former President Trump, who warned during the 2020 campaign that if Biden was elected there would be “the likes of depression we’ve never seen”. Instead, a day before the six-month anniversary of taking office, Biden said he had “brought this economy back from the brink.”
He touted his American rescue plan, which he noted was designed to help support Americans “over the course of an entire year and beyond,” including Extended Child Tax Credit, which started hitting bank accounts last week.