Speaking to the media today, President Joe Biden says he takes no blame for inflation. Moreover, stating that it was already there when he first arrived in Office. Conversely, inflation was at 1.4% when Biden first begin his presidential term.
In a conversation at the White House today, Biden specifically said inflation was “already there when I got here, man.” Additionally, stating that he entered office when “we were in real economic difficulty,” as a nation.
Biden Takes No Responsibility for Inflation
For much of the last year, the fight against rising inflation has been a vital conflict for the Federal Reserve. It has been the basis for consistent rate hikes for the entirety of 2022 and has kept the economy on guard for a recessionary state that could threaten the country further.
Speaking at the White House today, President Joe Biden assured the media he takes no blame for inflation. Specifically, stating that it was “already there when I got here man.” Continuing by referencing lost jobs, lack of manufacturing, and “real economic difficulty,” as the basis for the nation’s state that he inherited through his presidency.
The conversation regarding what Biden inherited, and what exactly is his fault is a rather nuanced one. The COVID-19 pandemic had an undeniable effect on the economy and was the underlying reality of Biden’s initial term. That begin said, there is no debate as to the steady inflation numbers that existed when Donal Trump left office. Annual inflation averaged just 1.9% during his four-year term.
The actions of the Federal Reserve and a variety of macroeconomic factors have all fed into the rising inflation rate. Still, to bluntly state that the President of the country has no bearing on inflation, but the former president somehow does, is a gross misrepresentation.