On Monday, President Biden delivered an address about the economy — during which he especially focused on inflation concerns.
As The Daily Wire reported, American consumers’ expectations for inflation — as officially measured by the Federal Reserve Bank of New York — have reached record highs. The Survey of Consumer Expectations reveals that median one-year inflation forecasts among consumers climbed to 4.8% in June — a 0.8% increase since last month alone. In January, February, March, April, and May, one-year expectations were 3.0%, 3.1%, 3.2%, 3.4%, and 4.0%, respectively.
Biden explicitly brushed off such concerns during his speech:
We also know that as our economy has come roaring back, we’ve seen some price increases. Some folks have raised worries that this could be a sign of persistent inflation. But that’s not our view. Our experts believe and the data shows that most of the price increases we’ve seen are — were expected and expected to be temporary.
Now, I want to be clear: