Biden Downplays Inflation in '60 Minutes' Interview

President Joe Biden attempted to downplay decades-high inflation during a rare interview with 60 Minutes. The president pointed to last month’s inflation report that showed minimal increase, though year-to-year inflation still remains at its highest point since the 1980’s.

“Mr. President, as you know, last Tuesday the annual inflation rate came in at 8.3%. The stock market nosedived. People are shocked by their grocery bills. What can you do better and faster?” Biden was asked by Scott Pelley of CBS. “Well, first of all, let’s put this in perspective. Inflation rate month to month was just– just an inch, hardly at all,” Biden replied, attempting to minimize the significant economic impacts of high year-to-year inflation.

“You’re not arguing that 8.3% is good news,” Pelley shot back. “No, I’m not saying it is good news. But it was 8.2% or– 8.2% before. I mean, it’s not– you’re ac– we act– make it sound like all of a sudden, my god, ‘it went to 8.2%,'” Biden said.

Pelley then interjected again to remind the president that 8.3% stands as the highest inflation rate in 40 years. “I got that. But guess what we are. We’re in a position where, for the last several months, it hasn’t spiked. It has just barely– it’s been basically even,” Biden replied. “And in the meantime, we created all these jobs and– and prices– have– have gone up, but they’ve come down for energy. The fact is that we’ve created 10 million new jobs.”