President Joe Biden called NBC’s Lester Holt a “wise guy” after being asked about inflation.
During an interview with Holt that is set to air in full on Super Bowl Sunday, he noted back in July Biden “said inflation was going to be temporary.”
He added, “I think a lot of Americans are wondering what your definition of temporary is.”
Biden replied, “Well, you’re being a wise guy with me a little bit. I understand that’s your job, but look at the time what happened was the…let’s look at the reasons for the inflation. The reason for inflation is the supply chains were cut off, meaning that the products, for example, automobiles, the lack of computer chips to be able to build those automobiles so they could function they need those computer chips.”
He continued, “They were not available. So what happens? The number of cars were reduced, new cars reduced. It made up at one point, one third, the cost of inflation because the price of automobiles were up.”
The president explained, “So what I did when I went out and made sure we started to make those domestically. We got intel to come in and provide $20 billion to build a new facility. A number of organizations are doing the same kinds of things.”
Holt then asked, “When can Americans expect some relief from this soaring inflation?”
Biden responded, “According to Nobel laureates, 14 of them that contacted me and a number of corporate leaders. It’s ought to be able to start to taper off as we go through this year. In the meantime, I am going to do everything in my power to deal with the big points that are impacting most people and their homes.”
Inflation had biggest spike since 1982.
— Steve Guest (@SteveGuest) February 11, 2022
NBC's Lester Holt: "Back in July you said inflation was going to be temporary… A lot of Americans are wondering what your definition is temporary is."
President Biden: "You're being a wise guy." pic.twitter.com/DWAdD9vfFp
During an event in Virginia on Thursday, Biden suggested Americans should have “peace of mind” even as inflation continues to rise, as IJR reported.
“I know food prices are up, and we’re working to bring them down. As I said…the price at the pump went up…But these things are necessities,” Biden said.
He added, “We’re working to bring down prices where they’re not totally what families have to pay now.”
The Associated Press reported inflation spiked to the highest rate in four decades over the past year.