President Joe Biden downplayed rising inflation and high food prices during a “60 Minutes” interview Thursday.
The Consumer Price Index (CPI) report for August showed the CPI rose 8.3% year-to-year and 0.1% over the last month. Food prices increased at the highest rate since 1979, coming in at 11.4%.
“As you know, last Tuesday, the annual inflation rate came in at 8.3%. The stock market nosedived. People are shocked by their grocery bills. What can you do better and faster?” host Scott Pelley asked during the interview.
“Well, first of all, let’s put this in perspective. Inflation rate month to month was just — just an inch, hardly at all—” Biden said.
“You’re not arguing that 8.3% is good news?”
“No, I’m not saying it is good news. But it was 8.2% or — 8.2% before. I mean, it’s not — you’re ac — we act — make it sound like all of a sudden, ‘My God, it went to 8.2%.’ It’s been—” Biden said before Pelley cut him off.
“It’s the highest inflation rate, Mr. President, in 40 years.”
“I got that,” Biden said. “But guess what we are. We’re in a position where, for the last several months, it hasn’t spiked. It has just barely – it’s been basically even.”
The president went on to tout the job market and unemployment rate. He claimed “manufacturing is coming back to the United States in a big way.”
Biden then said he believes the economy will have a “soft landing” but refused to commit to telling “the American people that inflation is going to continue to decline” when asked by Pelley. (RELATED: ‘Wouldn’t It Be Better To Be Honest?’ CNBC Host Grills Buttigieg On Admin’s ‘Tone Deaf’ Inflation Celebration)
“I’m telling the American people that we’re gonna get control of inflation,” Biden said.
After the CPI report was released the Dow plummeted more than 1,000 points. The Dow Jones Industrial Average dropped 3.5%, the Nasdaq sank 4.6% and all eleven sectors of the S&P 500 fell.
