President Joe Biden delivers remarks on the April jobs report from the East Room of the White House, May 7, 2021. (Jonathan Ernst/Reuters)
During a live CNN town hall Wednesday night, President Joe Biden claimed that his multi-trillion dollar spending packages will “reduce inflation.”
In response to the host’s question about whether pumping massive quantities of money into the economy will exacerbate price upticks, Biden replied, “No, no, here’s the deal. Moody’s today went out, Wall Street firm, not some liberal think tank, said if we pass the other two things I’m trying to get done we will in fact reduce inflation, reduce inflation, reduce inflation.”
“Because we’re going to be provided good opportunities and jobs for people, who in fact are going to be reinvesting that money back into all the things we’re talking about, driving down prices, not raising prices,” the president told the audience.
Biden attempted to explain away recent price increases as a temporary phenomenon related to the economy’s resurgence and growth.
“Prices are up now. For example, we’re in a position where you’re trying to build a house, trying to find two-by-fours lumber. Well guess what? People stopped working cutting