(TheLastPatriotNews.com) – President Joe Biden was wrong in a prediction he made exactly one year ago, affecting every American man, woman, and child.
Namely, that rising inflation of consumer prices was going to be only a “temporary” phenomenon.
A video of him giving remarks on inflation from the White House on July 19, 2021, has resurfaced to mark the grim anniversary.
You can watch a video clip of Biden making that prediction a year ago a bit further down this post.
In the one year since Biden made his ill-fated forecast, consumer prices have skyrocketed to reach levels unknown in the United States for more than 40 years.
It has been as though with Bidenflation his administration has managed to teleport Americans back in time to the end of the term of President Jimmy Carter back in 1980-1981.
“Our experts believe, and the data shows, that most of the price increases we’ve seen were expected and expected to be temporary,” Biden declared a year ago.
At the time, he sought to downplay the already growing concerns about inflation. There were fears at the time that his lavish pandemic stimulus checks from the $1.9 trillion relief package adopted in March 2021 would cause consumer prices to soar.
“Some folks have raised worries that this could be a sign of persistent inflation. But that’s not our view,” Biden said on July 19, 2021.
“Now, I want to be clear: My administration understands that if we were to ever experience unchecked inflation over the long term that would pose real challenges to our economy,” he added.
The President sounded even more confident that inflation would be a short-term problem when he answered reporters’ questions after his address.
“There’s nobody suggesting there’s unchecked inflation on the way — no serious economist. That’s totally different,” Biden asserted at the time.
In reality, however, the Consumer Price Index (CPI) in June soared to 9.1% on an annual basis, which is its highest rate since 1981. It grew even on a monthly basis, by 1.3% compared with May.
Even worse, the CPI has been at or over 5% for 14 months in a row now – meaning that when Biden promised the inflation hike would end soon, America’s worst price skyrocketing in 40 years was just getting started.
Here is the video clip of Biden predicting a year ago that inflation would be temporary:
President Biden on inflation concerns: "Our experts believe, and the data shows, that most of the price increases we've seen were expected and expected to be temporary." pic.twitter.com/yzihZXZODu
— The Hill (@thehill) July 19, 2021