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Biden Snaps At Interviewer For Asking About Inflation

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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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10 Comments

10 Comments

  1. Slideglide

    February 12, 2022 at 9:41 am

    Biden, “you’re being a bit of a wise guy….but uh….er…you see…the thing is….look folks….what happened…but look….the deal is…I better not say anymore”.

    This classic talking points that Biden uses to explain everything.

  2. June Darling

    February 12, 2022 at 10:14 am

    O’Biden is sick on the head on top of being an Evil Bastard. Nothing new. Shame on his PHD wife for allowing he to be on full display from the beginning. The Dems cheated. How did it help them?

  3. Immigrant Veteran

    February 12, 2022 at 6:35 pm

    This incoherent, illogical, shell of a person needs to sent out to pasture. We all knows he’s too dumb, weak, and frail, that some others in the nefarious underworld are pulling the strings.

  4. lawrence

    February 12, 2022 at 6:48 pm

    he is not running the country so he do no know anything. Inflation is costing food on the table to go up. one do not care about automobiles as it will not get on go hungry.

  5. Rhonda Powers

    February 13, 2022 at 12:41 pm

    Joe will never accept that the blame for inflation is all him and his poor decisions.

  6. Angrypatriot58

    February 13, 2022 at 1:04 pm

    Biden doesn’t have a clue!

  7. Nick

    February 14, 2022 at 9:13 am

    I’m not a really for or against Biden at all, but attempting to skew the narrative with headlines like “Biden Snaps at Interviewer” is just childish and manipulative. I had to watch the clip twice to even figure out WHERE someone could claim he was ‘snapping’ at the interviewer. Then all I could think about was how a self-righteous ‘Karen’ who is always looking to find something to take offense of must have wrote the headline.

  8. Btrem49@gmail.com

    February 16, 2022 at 9:40 am

    If build back better had meaningful components instead of cash cow pie giveaways. Perhaps build in provisions for chip manufacturing and infrastructure failsafe jobs it could pass muster. Joe is just the mover in a bad odds shell game!

  9. herschel kitchens

    February 16, 2022 at 5:23 pm

    Why is Inflation this bad China is building most of our parts and consumer goods they can wrap us up with product!!!

  10. Steve Suhara

    February 19, 2022 at 10:54 pm

    Does he not know what causes inflation ??? It’s not having computer chips to make new cars ! Duh !

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Economy

National Gas Prices Could Hit $6.20 Per Gallon By August

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Gas Prices

National gas prices could surge to well over $6 per gallon by the end of the summer, according to analysts at JPMorgan.

Natasha Kaneva, head of global oil and commodities research at JPMorgan, wrote in a research document that the United States was going to face a “cruel summer” as gas prices are expected to dwarf their already record highs.

“With expectations of strong driving demand — traditionally, the U.S. summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — U.S. retail price could surge another 37% by August to a $6.20/gallon national average,” she wrote.

“Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories,” the analysts said. However, over the last month, “gasoline inventories have fallen counter seasonally and today sit at the lowest seasonal levels since 2019.”

The report comes the same week that the United States set a new record for gas prices with the average cost per gallon rising over $4 per gallon in all 50 states for the first time ever, according to a report from the American Automobile Association (AAA).

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said AAA spokesperson Andrew Gross. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

As explained in the report, “total domestic gasoline stocks decreased by 3.6 million bbl to 225 million bbl last week. Gasoline demand also decreased slightly from 8.86 million b/d to 8.7 million b/d. Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit. Pump prices will likely face upward pressure as oil prices stay above $105 per barrel.”

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Economy

Report: April 2022 Inflation Was Worse Than Expected

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The inflation crisis continued to worsen in April, according to new data released by the Bureau of Labor Statistics on Wednesday.

“The consumer price index, a broad-based measure of prices for goods and services, increased 8.3% from a year ago, higher than the Dow Jones estimate for an 8.1% gain,” CNBC reported. “That represented a slight ease from March’s peak but was still close to the highest level since the summer of 1982.”

According to the new CPI report, inflation “increased 0.3 percent in April on a seasonally adjusted basis after rising 1.2 percent in March… The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March. The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.”

Due to the rising inflation rate, the real wages of American workers continued to fall over the last year. According to a separate report from the Bureau of Labor Statistics, the “Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from April 2021 to April 2022. The change in real average hourly earnings combined with a decrease of 0.9 percent in the average workweek resulted in a 3.4-percent decrease in real average weekly earnings over this period.”

As noted by CNBC, “Markets had been looking for signs that March’s 8.5% CPI reading would mark the peak in pandemic-era inflation.”

However, the new April report showed that “this is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow,” said Seema Shah, chief strategist at Principal Global Investors, according to CNBC.

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