Biden Downplays Inflation, Predicts Businesses Will Be In ‘Bind’ Over Labor Shortages, Then Has Brain Freeze

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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.”

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

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