President Biden tried to downplay the U.S. inflation crisis during a “60 Minutes” interview, claiming the month-over-month interest rate has “almost” gone up — prompting his CBS interviewer to question his answer. CBS correspondent Scott Pelley asked: “Mr. President, as you know, last Tuesday, the annual inflation rate hit 8.3%. The stock market crashed. People are shocked by their grocery bills. What can you do better? and faster?” Biden quickly told Pelley that he needed to “put it in perspective” and that the month-over-month rate of inflation was “just an inch, almost nothing.” Pelley quickly interjected: “You’re not arguing that 8.3 [percent] is that good news?” Soaring Inflation LEADS MORE AMERICANS TO LIVING PAYCHECK DESPITE 5.1% WAGE GROWTH President Joe Biden defended his economic policy during a “60 Minutes” interview with CBS’ Scott Pelley, claiming critics are not putting inflation spikes in perspective. (CBS News) “No, I’m not saying it’s good news, but it was 8.2 or 8.2 [percent] ago,” Biden replied. “I mean… you do, make it sound, all of a sudden, oh my God, it went to 8.2%. “It’s the highest rate of inflation, Mr. President, in 40 years,” Pelley replied. BANK OF AMERICA WARNS NEW LOWS FOR S&P 500 AS ‘INFLATION SHOCK IS NOT OVER’ “I got it. But guess what we are? We’re in a position where in the last few months, it hasn’t gone up, it’s pretty much flat, it’s basically flat. And in the meantime, we’ve created all these jobs,” Biden argued, while acknowledging that the prices “have gone up”. The interview is the latest in Biden’s attempts to aggressively defend his economic policies. The White House celebrated the passage of the anti-inflation law last week – even as the Dow Jones industrial average fell more than 1,200 points on the same day. GOLDMAN SACHS CUTS OUR 2023 GROWTH OUTLOOK President Biden said he “understood” that the current inflation rate of 8.3% is the highest in 40 years, but also said it was “basically flat.” (CBS News) The Inflation Reduction Act is intended to lower prices for consumers as the current economic crisis forces some Americans to rely on credit to pay for basic necessities. “When it comes to credit card spending over the past couple of years, we’ve seen categories shift in terms of where people spend their money,” said Wells Fargo executive vice president Krista Phillips. “Right now, our top categories are grocery and natural gas.” President Joe Biden, in touting the passage of the Inflation Reduction Act, claimed that the rate of inflation has barely changed. (AP Photo/Evan Vucci, Pool, File/AP Newsroom) GET THE FOX BUSINESS ON THE GO BY CLICKING HERE Recent data from the Cox Automotive/Moody’s Analytics Vehicle Affordability Index reported that the average cost of a monthly car payment in the US has jumped to $743. Additionally, a Penn Wharton analysis of the University of Pennsylvania found that the Deflation Act would do little to reduce the annual rate of inflation amid an economic downturn. The bill would reduce annual inflation by just 0.1 percentage point over the next five years.
