Biden Called Record Inflation the Curse of the U.S.

Biden Called Record Inflation the Curse of the U.S.

President Joe Biden believes that record inflation has become a curse for the country. He expressed this opinion Wednesday on the Jimmy Kimmel Tonight Show.

“Inflation is the bane of our existence. It mainly affects food prices and gasoline prices,” Biden said.

Kimmel noted that what’s happening is like “a little blackboard with ads saying how expensive everything is,” and joked that if former President Donald Trump left Biden a felt-tip pen, he could “rewrite the prices on that blackboard.”

Earlier, Janet Yellen told a Senate Finance Committee hearing that the nation’s inflation rate will remain high for the foreseeable future, it has become the nation’s primary economic problem at this point.

U.S. inflation is now at “unacceptable levels. Yellen blamed the situation mainly on external factors such as geopolitical turmoil and did not agree that among others, the U.S. government’s anti-crisis measures that poured several trillion dollars into the economy to cope with the pandemic caused a runaway inflation rate.

Earlier, the Fed raised its benchmark interest rate by 50 basis points to 0.75-1% in an effort to fight inflation. The U.S. Labor Department estimates that annual inflation in the country fell to 8.3 percent in April 2022 from 8.5 percent in March. The figure for March was a record for the past four decades.