Joe Biden
STRATEGIC ASSESSMENT-Biden said last summer that US inflation was temporary, Newsweek recalls. However, now, 300 days after his statements, inflation in the United States is close to a record, and the head of the White House is losing the fight against it.
Biden is losing the battle against inflation 300 days after he said the phenomenon would be ” temporary ,” Newsweek writes. Meanwhile, the cost of consumer goods in the US, including gasoline, continues to rise, the article notes.
As the publication recalls, on July 19, 2021, Biden touched on the topic of inflation in his speech at the White House and said that the significant price increase that occurred against the background of the economic recovery would not last long.
“ We also know that as our economy quickly recovers, we are seeing some price increases ,” the American leader said at the time. —Some people expressed concern that this could be a sign of sustained inflation. But we don’t think so. In the opinion of our experts, and based on available data, the price increases we are seeing are expected to be largely temporary .”
In June and July 2021, as the US economy emerged from the severe restrictions imposed due to the COVID-19 pandemic, the US inflation rate was 5.4% year on year. June inflation was accompanied by the highest rise in prices in 13 years. Then there was talk that inflation had reached its peak.
However, 300 days after Biden’s announcement, prices continue to rise, and the annual inflation rate is now even higher than last summer. Thus, in April, inflation reached an almost record high of 8.3%, a level not seen in the last 40 years.
The average price of a gallon of gasoline also hit a new all-time high this week, at more than $4.45 a gallon on Friday, according to the American Automobile Association, Newsweek reported.
