President Joe Biden changed his mind on inflation at a California fundraiser Friday night, despite his administration’s insistence for months that inflation was temporary.
“We can live with this inflation for a while,” Biden said at the event. “It will gradually fall, but we will live with it for a while.”
The Beverly Hills fundraiser, featuring wealthy Democratic donors, was moderated by billionaire media mogul Haim Saban.
Haim Saban (Willi Sanjuan/Invision/AP)
This message is slightly different from the more positive message he gave to the Americans during his visit to the Port of Los Angeles on Friday afternoon.
“Energy and non-food inflation, which economists call core inflation, has softened in the last two months,” Biden said. “Not enough, but moderate. It’s falling and we need to download faster. ”
According to the latest CPI data for May, core inflation on a monthly basis is 0.6 percent, similar to April. Core inflation rose 6% year-on-year in May from 6.5% in March.
Despite calling inflation his “most important economic priority,” the president failed to find a new solution to combating inflation.
In his speech, Biden blamed oil companies for high gas prices and shipping companies responsible for high transportation costs.
He also blamed all the food and gas hikes on Russian President Vladimir Putin, even though prices were rising even before the invasion of Ukraine.
“I understand that Americans are worried and they have good reason,” Biden said. “We haven’t seen anything like Putin’s tax on both food and gas.”
Source: Breitbart
