When President Joe Biden talks about “temporary” inflation, how long does “temporary” mean? Asking for America.
In October, inflation hit a high not seen in three decades, according to The Wall Street Journal. Prices year-over-year increased by 6.2 percent, the biggest jump since 1990. The core price index, meanwhile — which takes unpredictable food and energy prices out of the equation — sat at 4.6 percent, the highest since 1991.
When Biden took office in January, inflation was at 1.4 percent. By April, it had soared to 4.2 percent. It was at 5 percent in May and has stayed above that number ever since.
And yet, Biden has been dismissive of the idea that there would be any kind of long-term inflation problem — because