During an interview with NBC News host Lester Holt on Thursday, Democrat President Joe Biden called Holt a “wise guy” for asking about Biden telling Americans that inflation would be “temporary” in July 2021.
“I think it was back in July, you said inflation was going to be temporary,” Holt said. “I think a lot of Americans are wondering what your definition of temporary is.”
“Well, you’re being a wise guy with me a little bit, and I understand that’s your job,” Biden responded. “But look, at the time, what happened was the, uh, let’s look at the reasons for the inflation. And the reason for the inflation is the supply chains were cut off, meaning that the products, for example, automobiles, the lack of computer chips to be able to build those automobiles so they could function, they need those computer chips, they were not available.”
“So, what happens?” Biden added. “When the number of cars were reduced, the new cars reduced, it made up at one point one-third the cost of inflation because the price of automobiles were up.”
Holt’s question came as new data from the Department of Labor revealed that annual inflation had hit 7.5 percent – the highest level in 40 years.
Additionally, Biden’s attempt to blame inflation on rising automobile prices came the same day he tried to blame rising prescription drug prices.
“Everyone has less money in their pockets today because … of health insurance—it’s more expensive for everyone. Prescription drugs are a big chunk of that,” Biden claimed Thursday.
However, prescription drug prices have actually risen more slowly than the rate of inflation, suggesting that they are not to blame for the inflation crisis.
According to a new Stat report, prescription drug prices rose just under 5% in 2021 – far below the 7.5% rise in inflation in 2021. As reported by KHN, “As 2022 gets under way, pharmaceutical companies have so far raised wholesale prices by a median of 4.9% on more than 450 prescription medicines, an overall annual increase that is comparable to the price hikes seen over the past three years.”
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