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Biden Tells Americans To Have ‘Peace Of Mind’ About Inflation Crisis

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Inflation
Photo by TOLGA AKMEN/AFP via Getty Images

Joe Biden gave a speech last week discussing his administration’s efforts to bring down the cost of prescription drugs. During the speech, Biden told Americans to have “peace of mind” about the record-breaking inflation crisis that began shortly after he took office.

“The consumer price index for all items rose 0.6% in January, driving up annual inflation by 7.5%,” CNBC reported. “That marked the biggest gain since February 1982 and was even higher than the Wall Street estimate.”

“Look again, slight digression, inflation is up. It’s up,” Biden said. “And, coming from a family when the price of gas went up you felt it in the household, you knew what it was like, it matters.”

“But the fact, is that — if we are able to do the things that I am talking about here, it will bring down the cost for average families. It will bring down the cost for average families, I don’t know why they keep moving and all that, but the fact is they keep down the cost for average families,” Biden said.

Biden continued, “The fact is we’re in a situation now where you should have peace of mind. I know food prices are up, and we’re working to bring them down. As I said, I grew up in a family where the price at the pump went up, you felt it. I understand. But these things are necessities.”

Biden went on to claim that prescription drug prices are partially the reason for the inflation crisis.

“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,” he said.

However, prescription drug prices have risen more slowly than the rate of inflation. According to a recent Stat report, prescription drug prices rose just under 5% in 2021 – far below the 7.5% rise in inflation over the last year. As reported by KHN, “As 2022 gets underway, 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.”

According to CNBC, experts expect the inflation crisis to continue for the foreseeable future. CNBC cited Andrew Hunter, senior U.S. economist at Capital Economics, who wrote that the combination of higher food and housing prices “underlines our view that a rapid cyclical acceleration in inflation is underway and, with labor market conditions exceptionally tight, it is unlikely to abate any time soon.”

“While we still expect more favorable base effects and a partial easing of supply shortages to push core inflation lower this year, this suggests it will remain well above the Fed’s target for some time,” he added.

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6 Comments

6 Comments

  1. URKiddinme

    February 15, 2022 at 12:22 pm

    I will have peace of mind when your old demented a$$ is out of office and replaced with an actual leader.

    • Sherry Shepard

      February 26, 2022 at 6:03 pm

      Biden needs impeached if that’s how you fire a president. Every move he’s made since elected has been a disaster. It’s not just local now, it’s world wide. He’s the worst president ever. Bringing America down at such a rapid pace you wouldn’t think possible

    • Kent Robinson

      March 26, 2022 at 1:00 pm

      Little Joey was coached to glare defiantly through the teleprompter at the American public, lie his ass off and mindlessly vomit lib platitudes.Did I miss anything?

  2. Randall Pickens

    February 16, 2022 at 10:30 am

    Thank You Leo for your wisdom. Just love seeing and hearing you on Fox News. You, Sir are a real Patriot.

  3. Linda Tincher

    March 6, 2022 at 6:31 pm

    We haven’t had peace of mind since he thought he won!! Big mistake Biden. Karma’s a bitch!!!

  4. chrissie57

    March 14, 2022 at 12:07 pm

    You and your entire administration are totally out of touch with the American people. You are he**-bent on destroying America. Can’t wait until you’re replaced, and I don’t mean with Kameltoe or Palousy.

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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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Economy

Gas Prices Hit All Time High Of $4.37 Per Gallon

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Gas Prices

Gas prices have surged to a new record high of $4.37 per gallon, surpassing a previous record set March 11, according to the American Automobile Association (AAA).

“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” AAA spokesperson Andrew Gross said in a statement. “These prices are creeping closer to those record high levels of early March.”

As AAA explained in a new report, new data from the Energy Information Administration (EIA) shows that “total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.”

As gas prices reached record highs in March, Democrat President Joe Biden warned that they were going to continue to “go up,” but he said that he “can’t do much right now. Russia’s responsible [for the rising gas prices.]”

It should be noted that gas prices rose nearly 50% during Biden’s first year in office; rising from $2.42 per gallon in January 2021 to $3.41 per gallon in January 2022 – a month before Russia launched its invasion of Ukraine.

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