Even when they precipitated a sharp decline in the stock market on Tuesday, the most recent shockingly high inflation data, President Joe Biden ignored them.
When asked about the negative data that was released earlier in the day, Biden responded, “I think we’re going to be alright,” to reporters on Tuesday evening.
After leaving the White House to vote in his home state’s primary in Delaware, the president briefly addressed the media.
When a reporter asked him if he was concerned about the most recent inflation statistics, Biden responded, “No, I’m not.”
On September 13th, 2022, during a celebration of the Inflation Reduction Act, President Joe Biden and Sen. Manchin (D-WV) have a conversation on the White House lawn in Washington, DC.
Despite the fact that rent increased by 0.7 percent, grocery prices increased by 0.7 percent in August, electricity costs increased by 1.5 percent, and natural gas prices increased by 3.5 percent, Biden ignored the month-to-month overall inflation percentage as being “one-tenth of 1 percent” from the previous month. The increase in inflation over the prior year is 8.3 percent.
However, economists don’t share Joe Biden’s upbeat assessment of the situation.
Jason Furman, a current Harvard professor and previous economic adviser to Pres. Barack Obama, called the figures “very unattractive,” while Larry Summers, another previous Obama adviser at Harvard, said the US has “a significant inflation problem.”
Investors expressed alarm over the most recent figures as well.
The surprise statistics caused the Dow Jones industrial index to drop 1,276 points on Tuesday, indicating that inflation would continue to be persistently high.