During an interview on Tuesday for Wednesday’s BET News interview special “Black America Votes: The Biden Interview,” President Joe Biden said that he tells people who are dealing with high prices that inflation is falling, he believes the Federal Reserve will reduce rates, we have to confront corporate greed, he has policies on housing, and he implemented his student loan plan.
Journalist Ed Gordon asked, “What do you tell people who are paying six bucks for cereal, they can’t take their kids to a movie or a ballgame, memories that last with you? What do you tell them?”
Biden answered, “I tell them what’s happening is, inflation is coming down. And it is coming down. You have 16 Nobel laureates in economics saying that it’s coming down. I think you’re going to see — I have not spoken to the Fed — my guess is, they’re going to reduce rates. But what we have to do is deal with the corporate greed. What’s happened here is, since the pandemic, corporate profits have doubled. For example, I want to make sure that you can’t have — corporations that own apartment complexes cannot raise rent beyond 5% in any one year, period. I want to see to it that they have — we’re going to build 20 million new homes that are affordable. That’s why I’ve been moving to make sure that we provide first-time homebuyers, particularly in African American communities and minority communities, down payments at $10,000 to get started. That’s why I’ve forgiven student debt for people who have met the requirement of paying off for ten years and still have extreme debt, but they’re — when they’re involved in an enterprise that is, whether they’re a teacher, a firefighter, a police officer, etc., that debt is forgiven. And it’s changing people’s lives.”
Gordon then cut in to ask a question about how the economy is polling.
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