WASHINGTON, DC – President Joe Biden continued his usual tradition of mistakes on live microphones when he spoke Tuesday about the skyrocketing inflation gripping the nation, oddly referring to the rising prices Americans face in grocery stores and on gas stations as a “strength.”
A Labor Department report on Wednesday said inflation rose year-over-year in April by 8.3 percent, after March saw a jump of 8.5 percent, and prices at retail establishments rose 0. .3 percent from March, with the cost of gasoline once again. reaching a record; the average cost of a gallon of regular fuel is now $4,374.
These gains were higher than economists predicted, according to Principal Global Investors chief strategist Seema Shah, and signs indicate that inflation recovery of this degree may take longer than originally thought.
“This is another surprise to the upside of inflation and suggests that the slowdown will be painstakingly slow,” he said. “Focus will soon start to shift from where inflation peaked to where it stalls, and we fear it will stabilize at an uncomfortably high level for the Fed.”
However, when Biden was asked by a reporter Tuesday if he believed he and his administration “assume some measure of responsibility for the inflation that we are seeing across the country,” the president’s response initially seemed to indicate yes, though he then clumsily seemed to try to shift the blame to Republicans.
“First, we are in power,” Biden replied, referring to the Democratic Party. “That is first. And you’re right and right…we control all three branches of government. Well, actually we don’t.
Biden’s verbal errors did not end there; he also tried to agree with Jerome H. Powell’s earlier promise to fight inflation, and the chairman of the Federal Reserve Board quoted “strength” in wage growth and the labor market. Unfortunately, Biden misunderstood Powell’s quote, strangely 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 force… and that force that we have built is inflation,” Biden said.