President JoeBiden tries happy talk about the 'transitory' economy as elections loom
“Inflation rate month to month was just an inch, hardly at all,” Biden said when asked about the 8.3% annual inflation rate and what he could “do better and faster” to bring grocery bills down.
Inflation is the economic problem that most vexes Biden and his party in the run-up to November. Its persistence, despite repeated White House assurances the spike in consumer prices would soon run its course, has forced the Federal Reserve into particularly aggressive interest rate hikes. These moves will surely slow the economy, which has already experienced two quarters of negative growth, and may lead to a recession.
Biden and his deputies have understandably concentrated on the low unemployment as gasoline and food prices soared. But a recession would touch jobs — unemployment ballooned to 10.8% when inflation was last brought to heel in 1982 — and risk reintroducing voters to terms like stagflation and the misery index.
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