President Joe Biden is minimizing inflation in a way that could become a problem in the midterm elections as consumer prices remain stubbornly high.
Biden’s latest efforts to wave away inflation come on the heels of a White House party, complete with a musical performance by legendary boomer singer-songwriter James Taylor, celebrating a new law with “inflation” in the title on the same day the announcement of an 8.3% August inflation rate sent stock markets tumbling.
Biden has tried to emphasize the monthly numbers because they are more favorable, although most of his prepared remarks on inflation state there is more work to be done. He described “zero inflation” the previous month and cited a 0.1% price hike in August. Biden remains underwater on both the economy and overall job approval just 50 days out from the midterm elections, in which Democrats are defending small congressional majorities.
Another risk of inflation continuing to run at a four-decade high, as Pelley pointed out to Biden on 60 Minutes, is that the Federal Reserve could push the economy into recession to get the inflationary spike under control. “Americans are anxious. I know that feeling,” Biden added. “I grew up in a family where it mattered when the price of gas or groceries rose.”
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