WASHINGTON, DC – President Joe Biden continued his regular tradition of gaffes on live microphones as he spoke on Tuesday about the skyrocketing inflation gripping the nation, oddly referring to rising prices that Americans are facing in supermarkets and at the gas pump as a “strength.”
A report by the Labor Department on Wednesday indicated that inflation increased year-over-year in April by 8.3 percent – after March saw an 8.5 percent jump – and prices at retail establishments surged by 0.3 percent from March, with the cost of gas once again hitting a record high; the average cost of a gallon of regular fuel now is $4.374.
These increases were higher than economists were predicting, according to Principal Global Investors Chief Strategist Seema Shah, and signs indicate that recovery from inflation of this degree may take longer than originally thought.
“This is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow,” he said. “The focus will soon start shifting from where inflation peaked to where it plateaus, and we fear that it will plateau at an uncomfortably high level for the Fed.”
However, when Biden on Tuesday was asked by a reporter if he believed that he and his administration “bear some measure of responsibility for the inflation that we’re seeing across the country,” the president’s response initially seemed to indicate that he did, although he then appeared to awkwardly attempt to shift the blame to Republicans.
“First is, we are in power,” Biden replied, referring to the Democratic Party. “That’s the first thing. And you’re justifiably right… we control all three branches of the government. Well, we don’t really.”
Biden’s verbal errors didn’t end there; he also attempted to agree with Jerome H. Powell’s previous pledge to fight inflation, with the Federal Reserve Board Chair citing “strength” in wage growth and the labor market. Unfortunately, Biden didn’t get Powell’s quote quite right, bizarrely referring to inflation as a “strength” that his administration had built.
“And I agree with what Chairman Powell said last week, that the number one threat is the strength… an-and that strength we’ve built is inflation,” Biden said.