With inflation at a 40-year high, it’s worth noting that a year ago, Joe Biden and his lackeys repeatedly insisted that inflation was not a cause for concern, claiming rising prices across nearly all sectors of the economy was a “temporary” phenomenon caused by the COVID pandemic.
“Some folks have raised worries that this could be a sign of persistent inflation, but that’s not our view,” Biden said in July 2021. “Our experts believe, and the data shows, that most of the price increases we’ve seen were expected and expected to be temporary.”
“There’s nobody suggesting there’s unchecked inflation on the way—no serious economist. That’s totally different,” Biden added.
Q: "At what point would you consider inflation unchecked…?"
— Mona Salama (@MonaSalama_) July 19, 2021
Biden: "There’s nobody suggesting there’s unchecked inflation on the way. No serious economist. That’s totally different. Look, the stock market is higher than it has been in all of history. Even went down this month" pic.twitter.com/NLXCssisUX
Likewise, Biden’s outgoing press secretary Jen Psaki dismissed inflation concerns in May 2021.
“Actions that we have taken to date or proposals that have been made, most economic analysts believe that it will have a temporary, transitory impact,” Psaki said during a press briefing.
ONE YEAR AGO TODAY: Jen Psaki dismisses rising inflation as "temporary" and "transitory." pic.twitter.com/1VhgCEDWgI
— RNC Research (@RNCResearch) May 11, 2022
During the same period, Treasury Secretary Janet Yellen poured cold water on worries that inflation could ramp up as the year went on.
“I really doubt we’re going to see an inflationary cycle,” she predicted.
ONE YEAR AGO THIS WEEK
— RNC Research (@RNCResearch) May 11, 2022
Biden’s Treasury Secretary: “I really doubt that we’re going to see an inflationary cycle” pic.twitter.com/K7dXNZuiIz
Federal Reserve Chairman Jerome Powell also assured the American people in June 2021 that inflation would wane coming out of the pandemic.
“There is a possibility that on the other side of this, that inflation could actually be quite low going forward,” Powell said.
“Our expectation is that these high inflation readings that we’re seeing now will start to abate. And that’s what we think,” he added.
Fast forward a year: inflation is over 8% – a 40-year high – for the second month in a row, the GDP contracted by 1.4%, the trade deficit is at record highs, food shortages are becoming real, and Biden and the Congress just passed a bill to send $40 billion in taxpayer money to Ukraine to continue the protracted conflict with Russia.
Meanwhile, Biden claimed Tuesday that his “top priority” is now fighting the soaring inflation his administration spurred on.
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