President Joe Biden said on Wednesday that the multimillion-dollar spending bills proposed by his administration and congressional Democrats would reduce inflation, not it.
Biden answered a question during a CNN city hall in which a college student was asked how his administration would prevent the “heat” of the economy and the rise in prices for the middle and middle classes. Biden was asked by moderator Don Lemon that “pumping all this money into the economy” would increase inflation, Biden said. an analysis published Wednesday by Moody’s arguing that his spending proposals would contribute to economic growth without rising inflation.
Biden said, “Moody’s today, a Wall Street company not in any liberal think tank, said that if we go over the other two things I’m going to do, we’re actually going to cut inflation, we’re going to cut inflation.”
“We will allow people who are actually making that money back on everything we talk about, create opportunities and good jobs, lower prices, not raise prices,” the president added. “I don’t know anyone … assuming there’s a long march here.” (RELATED: There are numbers, Biden inflation is not going to go away)
Biden also said, however, that prices have risen in some sectors of the economy, attributed to the fact that businesses are on their feet after the pandemic. The president also told the restaurant owner that his business could be “busy” for a long time.
At the end of May, when inflation intensified along with the economic opening, numerous economists predicted that inflation would rise, at least in the short term. The main federal resource the measure showed that inflation had increased from June 2020 to May 2021 is higher than in all other 12-month periods from the 1990s. (COMMUNICATION: The framework of bilateral infrastructure in the Senate is not progressing)
Biden’s Treasury Secretary, former Federal Reserve Chairman Janet Yellen, predicted the economy after repeatedly emphasizing inflation over the first few months of his career he sees “rapid inflation”. Federal Reserve of New York the June report was published consumer fears about inflation have peaked.
https://dailycaller.com/2021/07/21/joe-biden-cnn-town-hall-inflation-spending/ | Biden: Multi-Trillion Dollar Spending Bills ‘Will Reduce Inflation’