Give Joe Biden credit. He conducted an exchange with a reporter without getting tongue-tied, losing his place on a teleprompter, or forgetting what he had started to say. Granted, he sidetracked himself by changing the subject of his response midway through from inflation to the stock market, but that is because he has no idea what he is talking about.
Here’s the statement in its entirety followed by a video of the exchange:
There is nobody suggesting there is unchecked inflation on the way. No serious economist. That’s totally different. I mean, look, the stock market is higher than it has been in all of history, even went down this month. Even down this month. Now, I don’t look at the stock market as a means to judge the economy like my — my predecessor did but he would be talking to me every day, the last few months about how the stock market is so high, higher than in history. Still higher than any time in history. So, that’s not how I judge whether or not we have economic growth.
I would agree that no one is suggesting unchecked inflation is on the way because it’s already here. As far back as May, Bloomberg was bemoaning the fact that inflation was hitting meat eaters hard, and since then prices have been steadily on the rise in other markets, including gas, which is up 45%.
As to Biden’s claim that “no serious economist” has speculated about inflation, no less an economist than former Treasury Secretary Lawrence Summers recently appeared on CNN, where he noted that consumer prices are up 5.4% in the past year. Summers added that while the Fed shouldn’t raise the interest rate yet, it should do things like stop buying mortgages when “the housing market is on fire.”
Biden meantime continues to claim that more spending lowers inflation, stating on Monday, “Our experts believe and the data shows that most of the price increases we’ve seen are — were expected and expected to be temporary.”