President Biden understands why Americans are concerned about inflation, but said the "vast majority of the experts, including Wall Street" are suggesting it's "highly unlikely that it's going to be long-term inflation that's going to get out of hand."
Biden made his remarks on Wednesday night, during a CNN town hall in Cincinnati. He said there will "be near-term inflation because everything is now trying to be picked back up," but the U.S. will soon "reduce inflation. Because we're going to be providing good opportunities and jobs for people who, in fact, are going to be reinvesting that money back in all the things we're talking about, driving down prices, not raising prices."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
George Floyd: Did Black Lives Matter fail?Feature The momentum for change fades as the Black Lives Matter Plaza is scrubbed clean
-
National debt: Why Congress no longer caresFeature Rising interest rates, tariffs and Trump's 'big, beautiful' bill could sent the national debt soaring
-
Why are military experts so interested in Ukraine's drone attack?TODAY'S BIG QUESTION The Zelenskyy government's massive surprise assault on Russian airfields was a decisive tactical victory — could it also be the start of a new era in autonomous warfare?
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
