Right Side Broadcasting Network:
Joe Biden on Monday delivered remarks on the state of the economy where he suggested that a $4.7 trillion spending plan could be the solution to ever-increasing inflation under his administration.
During the briefing, Biden insisted that the current price hikes in consumer products and basic necessities will not lead to “persistent inflation” but will be “temporary,” adding it is to be “expected” due to the COVID-19 pandemic.
“Some folks have raised worries that this could be a sign of persistent inflation. But that’s not our view. Our experts believe and the data shows that most of the price increases we’ve seen are — were expected and expected to be temporary,” Biden said.
He also claimed there are various bills he expects Congress to pass that would amount to about $4.7 trillion in spending that he says could reduce inflation, according to the New York Post.
“If your primary concern right now is inflation, you should be even more enthusiastic about this plan,” Biden claimed. “These steps will enhance our productivity, raising wages without raising prices, and won’t increase inflation. It will take the pressure off of inflation.”