Pres. Biden insists higher prices are only a short-term growing pain.
"Now, I don't look at a stock market as a means by which to judge the economy like my predecessor did. But he'd be very, he’d be talking to you every day for the last five months about how the stock market is so high. Higher than any time in history. Still higher than any time in history. So, that's not how I judge whether or not we're having economic growth," Biden said.
“I want to be clear. My administration understands if we were to experience unchecked inflation over the long-term, that would pose a real challenge to our economy. So while we're confident that isn't what we're seeing today, we're going to remain vigilant about any response as needed,” he said. “If we increase the availability of quality, affordable child care, elder care, paid leave, more people will enter the workforce. These steps will enhance our productivity, raising wages without raising prices. That won't increase inflation. That will take the pressure off of inflation,” Biden said, referring to the $3.5 trillion “human infrastructure” plan Democrats on Capitol Hill are seeking to pass without any bipartisan support through special Senate budget rules.
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