Zero Hedge: President Joe Biden waved off long-term inflation concerns on Wednesday, telling a CNN town hall in Cincinnati that it won’t persist as the economy emerges from the pandemic.
“There will be near-term inflation” because the economy is recovering, he said, adding that ‘most economists’ think “it’s highly unlikely that it’s going to be long-term inflation that’s going to get out of hand.”
Biden: Our multi trillion dollar spending bills “will reduce inflation, reduce inflation, reduce inflation" pic.twitter.com/NcKVVaBxxZ
— Tom Elliott (@tomselliott) July 22, 2021
Republicans, meanwhile, largely blame Biden and Democrats for the labor shortages at restaurants and other low-wage businesses because overly-generous pandemic stimulus has removed incentives to get back to work. Biden, in response, suggests these low-margin businesses should simply pay people more – calling rising wages a “feature’ of his economic plans. Read More