President Joe Biden struggled his way through his speech that took place early Tuesday morning, somehow managing to call the record-breaking inflation the American public is suffering through a "strength."
"I agree with what Chairman Powell said last week," started the president. "That the number one threat is the strength — and that strength that we’ve built is inflation."
Biden: "The number one threat is the strength, and that strength that we've built is inflation." pic.twitter.com/Tgpeao1Of7
— Greg Price (@greg_price11) May 10, 2022
As reported by Politico, what was stated by Federal Reserve Chairman Jerome Powell just last week was that he saw a "strong economy" within the United States, but one that was under threat from the administration's uncontrolled level of inflation.
"Inflation is much too high and we understand the hardship it is causing," he claimed. "We have a good chance to restore price stability without a recession, without a severe downturn, without materially higher unemployment. I see a strong economy now. I see a very strong labor market."
Biden also made the claim that he, along with his administration, were doing all they could to try and deal with the inflation issue before making a pivot to try and throw the blame for it on the lingering effects of the COVID-19 pandemic along with the currently still ongoing war being forced upon Ukraine by the invasion forces of Russian President Vladimir Putin.
Biden says that he is taking inflation "very seriously" before once again blaming it on covid and Putin pic.twitter.com/pbh36SPzpi
— Greg Price (@greg_price11) May 10, 2022
"I’m taking inflation very seriously. It’s my top domestic priority," he stated. "I’m here today to talk about solutions, and there’s going to be more we’re going to have to talk about as well."
"But first, I want us to be crystal clear about the problem. There are two leading causes of inflation we’re seeing today," Biden went on to say. "The first cause of inflation is the once in a century pandemic. Not only did it shut down our global economy, it threw the supply chains and demand completely out of whack, especially in countries where more effective recovery responses weren’t available, especially in those sectors that rely on semiconductors."
"These supply challenges have been further hampered by the onset of Delta and Omicron viruses," he said. "And you’ve all seen it, you’ve all felt it."
Biden also claimed that the second cause for the insane level of inflation was the still-raging war between Ukraine and Russia, which he has also blamed for the spikes in fuel prices despite the fact that the prices had already been rising well before the sparking off of that war.
"We saw in March that 60% of inflation that month was due to price increases at the pump for gasoline," stated Biden, outright failing to point out the fact that inflation rates throughout the UNited States had previously been rising at its fastest rate in multiple decades.