During a portion of an interview with NBC aired on Thursday’s edition of “NBC Nightly News,” President Joe Biden said that host Lester Holt was “being a wise guy” by asking him about his past comments on inflation being temporary and how he defines temporary and that inflation “ought to be able to start to taper off as we go through this year.”
Holt said, “I think it was back in July, you said inflation was going to be temporary. I think a lot of Americans are wondering what your definition is temporary is.”
Biden responded, “Well, you’re being a wise guy with me a little bit, and I understand, that’s your job. But, look, at the time, what happened was the — let’s look at the reasons for the inflation. The reason for the inflation is the supply chains were cut off, meaning that the products — for example, automobiles, the lack of computer chips to be able to build those automobiles so they could function. They need those computer chips. They were not available. So, what happens? The number of cars were reduced — new cars reduced. It made up 1. — 1/3 the cost of inflation because the price of automobiles were up. So, what I did when I went out and made sure we started to make those domestically, we got Intel to come in and provide $20 billion to build a new facility. A number of organizations are doing the same kinds of things.”
Biden added that inflation “ought to be able to start to taper off as we go through this year. In the meantime, I’m going to do everything in my power to deal with the big points that are impacting most people in their homes.”
Follow Ian Hanchett on Twitter @IanHanchett
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