Well, sort of…
Biden said that part of the reasoning behind inflation is that Americans “have more money.”
You see, it’s not Joe Biden’s fault really.. It’s OUR fault for apparently having money…
Biden was of course referencing his Administration’s COVID-19 stimulus checks.
On Wednesday, while discussing the global supply chain crisis, Biden finally conceded that inflation is a problem.
He also conceded that his $1.9 trillion COVID-19 stimulus was to blame:
“And the irony is: People have more money now because of the first major piece of legislation I passed.”
Basically he both patted himself on the back for the stimulus checks, but also admitted his own excessive spending is to blame…
The New York Post has more on Biden (sort of) taking responsibility:
President Biden on Wednesday conceded that inflation is at a three-decade high because “people have more money now” as a result of his $1.9 trillion COVID-19 stimulus legislation, recognizing a central point made by people who are arguing against a nearly $2 trillion sequel.
Biden unexpectedly endorsed the stance of his critics who have said the US dollar is losing its buying power as a result of the government printing money to cover COVID-19 aid.
The president said stimulus funds that he signed into law are in part to blame for demand exceeding the supply of goods, causing a backlog at major US ports and the highest rate of annual inflation since 1990.
“The irony is people have more money now because of the first major piece of legislation I passed. You all got checks for $1,400. You got checks for a whole range of things,” Biden said during a speech in Baltimore.
“If you’re a mom and you have kids under the age of 7, you get $300 a month and if it’s over 7 to 17, you’re getting $360 a month,” he said, misstating the second amount, which is $250 per month.
This isn't the first time the Biden Administration has claimed that Americans have too much money.
Psaki said as much just last month:
For some reason though, the Administration apparently never heard of this thing called inflation.
Biden, who just months ago told the American people not to worry about the boogeyman known as inflation, is only just now finally admitting it's real.
Back in July though, Biden said something very much to the contrary:
Here's more on Biden finally admitting something true from Daily Mail:
President Joe Biden admitted consumer prices were too high on Wednesday as he toured the Port of Baltimore and set out how his massive spending plans would help drive down inflation.
'Everything from a gallon of gas a loaf of bread costs more and it's worrisome even though wages are going up,' he said.
'We still face challenges, we have to tackle them.'
Hours earlier, a new economic report revealed inflation had hit 6.2 percent - its highest level in 30 years.
Some economists have warned that Biden's $1.2 trillion infrastructure bill and an even bigger social spending plan could overheat the economy.
In a speech delivered as the sun set over the water of the port, he had good news for shoppers saying he had secured agreements from major retailers to keep shelves full over the holiday season.
But he said he understood the pain of ordinary families.
'Did you ever think you'd be paying this much for a gallon of gas?' he asked at one point.