- Advertisement -

President Biden attempted to downplay the inflationary crisis in the US during a 60 Minutes interview, saying the monthly rate was “nearly” up, prompting his CBS interviewer to dispute his response.

- Advertisement -

CBS correspondent Scott Pelley asked, “Mr. President, as you know, last Tuesday the annual inflation rate was 8.3%. The stock market crashed. People are shocked by their grocery bills. What can you do better and faster?

Biden was quick to tell Pelley that he needed to “put this into perspective” and that the inflation rate had “only gone up an inch from month to month, almost completely.”

- Advertisement -

Pelli quickly intervened: “You do not argue that 8.3 [percent] good news?”

Rising inflation forces more Americans to live paycheck to paycheck, DESPITE 5.1% WAGE INCREASE

“No, I’m not saying it’s good news, but it was 8.2 or 8.2. [percent] before,” Biden replied. “I mean… you make it sound like all of a sudden, my God, it went up to 8.2%.”

“This is the highest inflation rate, Mr. President, in 40 years,” Pelli retorted.

BANK OF AMERICAN WARNING OF NEW S&P 500 LOW AS ‘INFLATION SHOCK NOT OVER’

“I understand. But guess what we have? We are in a position where over the past few months it has not risen sharply, it is barely noticeable, it has been mostly flat. In the meantime, we have created all these jobs. “, Biden said, while acknowledging that prices have “increased.”

The interview is the latest in Biden’s efforts to aggressively defend his economic policies. White House celebrated the transition the Inflation Reduction Act last week, despite the fact that the Dow Jones Industrial Average fell more than 1,200 points on the same day.

GOLDMAN SACHS REDUCES US GROWTH FORECAST FOR 2023

Biden says inflation hasn't picked up recently, although it's the highest in 40 years.

The Inflation Reduction Act is intended to lower prices for consumers as the current economic crisis forces some Americans to rely on credit to pay for essentials.

“When it comes to credit card spending over the last couple of years, we’ve seen a category shift based on what people spend their money on,” said Wells Fargo executive vice president Christa Phillips. “Now our main categories are groceries and gas.”

President Biden speaks at the Scotland Climate Change Summit

CLICK HERE CLICK FOX BUSINESS ON THE ROAD

Recent data from the Cox Automotive/Moody’s Analytics Vehicle Affordability Index showed that the average monthly car payment in the US jumped to $743.

In addition, an analysis by the University of Pennsylvania Penn Wharton found that the Inflation Reduction Act would do little to bring down the annual rate of inflation in the midst of an economic downturn. The bill would reduce annual inflation by only 0.1 percentage points over the next five years.