{"id":140632,"date":"2022-05-10T17:21:59","date_gmt":"2022-05-11T00:21:59","guid":{"rendered":"https:\/\/new.thepinetree.net\/?p=140632"},"modified":"2022-05-10T17:21:59","modified_gmt":"2022-05-11T00:21:59","slug":"president-biden-on-inflation-economy","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=140632","title":{"rendered":"President Biden on Inflation &#038; Economy"},"content":{"rendered":"<p>Washington, DC&#8230;Good morning.  Today I\u2019d like to talk about two potential paths forward to address the number-one challenge facing families today: inflation.  This will not be my only speech on inflation, I\u2019m sure.  But when you look at the economy today, it\u2019s clear that we\u2019ve made enormous strides.  And our plans and our policies have produced the strongest job creation economy in modern times.  In addition, 8.3 million jobs in my first 15 months in office \u2014 a record.<\/p>\n<p><iframe loading=\"lazy\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/ecPWDt5-Pl0\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Unemployment rates are down to 3.6 percent \u2014 the fastest decline in unemployment to start a presidential term ever recorded.<\/p>\n<p>And in addition, Americans have applied to start three- \u2014 5.4 million new small businesses last year \u2014 20 percent more than any other year on record.<\/p>\n<p>And I see \u2014 and as I see it, everything \u2014 everything across the country is \u2014 as I go across the country, our economy has gone from being on the mend to on the move.<\/p>\n<p>But for every worker I met who\u2019s gained a little bit of breathing room to seek out a better-paying job, for every entrepreneur who\u2019s gained the confidence to pursue their small-business dreams, I know that families all across America are hurting because of inflation.<\/p>\n<p>I understand what it feels like.  I come from a family where when the pr- \u2014 when the price of gas or food went up, we felt it.  It was a discussion at the kitchen table.<\/p>\n<p>I went \u2014 I want every American to know that I\u2019m taking inflation very seriously and it\u2019s my top domestic priority.<\/p>\n<p>And I\u2019m here today to talk about solutions.  And there\u2019s going to be more we\u2019re going to have to talk about as well.<\/p>\n<p>But first, I want us to be crystal clear about the problem. <\/p>\n<p>There are two leading causes of inflation we\u2019re seeing today.  The first cause of inflation is a once-in-a-century pandemic.  Not only did it shut down our global economy, it threw the supply chain and demand completely out of whack, especially in countries where more effective recovery responses weren\u2019t available, especially in those sectors that rely on semiconductors.<\/p>\n<p>These supply challenges have been further hampered by the onset of Delta and Omicron viruses.  And you\u2019ve all seen it and you\u2019ve all felt it. <\/p>\n<p>And this year we have a second cause \u2014 a second cause: Mr. Putin\u2019s war in Ukraine.<\/p>\n<p>You saw \u2014 we saw in March that 60 percent of inflation that month was due to price increases at the pump for gasoline.<\/p>\n<p>Putin\u2019s war has raised food prices as well, because Ukraine and Russia are two of the world\u2019s major breadbaskets of \u2014 for wheat and corn \u2014 are, essentially, completely stalled.<\/p>\n<p>Ukraine has 20 \u2014 20 million tons of grain in storage in silos right now.  They\u2019re trying to figure out how to get it out of the country to market, which would reduce prices around the world.<\/p>\n<p>Normally \u2014 normally, we\u2019d have already begun to export them into the market.  But it \u2014 but it hasn\u2019t because of Putin\u2019s invasion.<\/p>\n<p>So we\u2019re working with our European partners to get this food out into the world so that it could help bring down prices.  But it\u2019s difficult because, again, of Putin and the Russian invasion of Ukraine.<\/p>\n<p>And those two major contributors to inflation are both global in nature.  That\u2019s why we\u2019re seeing historic inflation in countries all over the world.<\/p>\n<p>But here\u2019s the good news: Because of the actions we\u2019ve taken, America is in a stronger position to meet this challenge than just about any other country in the world.<\/p>\n<p>Some of the roots of the inflation are outside of our control, to state the obvious.  But there are things we can do and we can address and we need to do.<\/p>\n<p>That starts with the Federal Reserve, which plays a primary role in fighting inflation in our country.<\/p>\n<p>I\u2019ve put forward a highly qua- \u2014 highly qualified nominees to lead that institution.  And I strongly urge the Senate confirm them without delay.<\/p>\n<p>The Fed has dual responsibilities.  First is achieving maximum employment, and second is stable prices.<\/p>\n<p>And while I\u2019ll never interfere with the Fed\u2019s judgments, decisions, or tell them what they have to do \u2014 they\u2019re independent; they\u2019re independent \u2014 I believe that inflation is our top economic challenge right now, and I think they do too.<\/p>\n<p>I\u2019ve built a strong ec- \u2014 we\u2019ve built a strong economy with a strong job market.  And I agree with what Chairman Powell said last week that the number-one threat is the strength \u2014 and that strength that we built is inflation.<\/p>\n<p>So the Fed should do its job and it will do its job, I\u2019m convinced, with that in mind.<\/p>\n<p>Now, as I said when I came to \u2014 to what Congress and the President can do to fight inflation, Americans have two potential paths forward.  The first is my plan, the Democratic plan.  A plan put forward by congressional Republicans is a second alternative.<\/p>\n<p>Here\u2019s how each of us would tackle inflation:<\/p>\n<p>My plan is to lower employer [sic] \u2014 lower everyday costs for \u2014 everyday costs for hardworking families and lower the deficit by asking large corporations and the wealthiest Americans to not engage in price gouging and to pay their fair share in taxes.<\/p>\n<p>The Republican plan is to increase taxes on the middle-class families and let billionaires and large companies off the hook as they raise profit and \u2014 raise prices and reap profits at record number \u2014 record amounts. <\/p>\n<p>And it\u2019s really that simple. <\/p>\n<p>But let me explain why this choice is so important.  Let me start \u2014 let me start with the Putin price hike: high gas prices and energy prices.<\/p>\n<p>My plan is already in motion.  I led the world and other countries to join with us to coordinate the largest release of oil from our stockpiles of all the countries in history \u2014 240 million barrels to boost global supply.<\/p>\n<p>Here at home, U.S. oil and gas production is approaching record levels.  In fact, we produced more oil domestically in my first year in office than my predecessor did in his first year.<\/p>\n<p>To further drive down prices, my administration is allowing the sta- \u2014 the sale of gasoline using homegrown biofuels \u2014 biofuels this summer, which wasn\u2019t allowed before.<\/p>\n<p>And to reduce our dependence on foreign oil and reckless autocrats like Putin, I\u2019m working with Congress to pass landmark investments to help build a clean energy future as well \u2014 from tax credits for businesses to produce renewable energy to tax credits for families to make their homes more energy efficient.<\/p>\n<p>I met with nearly a dozen CEOs of America\u2019s largest utility companies.  And they, to a person, told me that \u2014 and including Southern Company, American Electric Power, and 10 others \u2014 they confirmed that if we pass the investments I\u2019m talking about, it will immediately lower families\u2019 utility bills by as much as $500 a year, according to one estimate.  That\u2019s \u2014 it\u2019s going to make their homes more secure in terms of heat not getting out and air conditioning not escaping, because they have good insulation.<\/p>\n<p>Now, what\u2019s the congressional Republican plan with respect to energy?<\/p>\n<p>First of all, their plan is to give oil companies a free pass.  For example, right now, oil companies are sitting on 9,000 unused leases \u2014 oil leases \u2014 which are the property of the federal government \u2014 on the property of the federal government.<\/p>\n<p>Under my plan, they would have to pay taxes and \u2014 if they don\u2019t use those leases to produce more oil.  They just can\u2019t sit on it.<\/p>\n<p>Unlike \u2014 under the Republican plan, they\u2019d be allowed to continue to sit on this land without producing while shipping record profits back to their investors.<\/p>\n<p>The fact is the average cost of a barrel of oil has been steady for weeks.  So \u2014 so why do gas prices keep going up so high?<\/p>\n<p>Republicans have offered plenty of blame but not a single solution to actually bring down the energy prices.<\/p>\n<p>You know, we have no plan \u2014 they have no plan to bring down energy prices today; no plan to get us to a cleaner, energy-independent future tomorrow so, in the future, American families are no longer subject to the whims and \u2014 of dictators half a way around the world.<\/p>\n<p>The next thing is: Let\u2019s compare our plans when it comes to lowering everyday costs.  My plan is to make concrete \u2014 concrete, commonsense steps to bring down the biggest expenses that families are facing.<\/p>\n<p>Let\u2019s take drug prices.  My plan would let Medicare negotiate prices for prescription drugs, like they do with the \u2014 with the Department of \u2014 with the military as it relates to what the administration is able to negotiate for prices for military.  <\/p>\n<p>The cap \u2014 and I also call for a cap on the price of insulin, which 200 million \u2014 excuse me, I beg your pardon \u2014 200,000 American children rely on because they have Type 2 diabetes, at $35 a month \u2014 it costs $10 to make the insulin; they make a significant profit \u2014 instead of the average price of about $640 a month.<\/p>\n<p>Think of the difference it will make in millions of American families, like the family I met in Virginia about three weeks ago struggling every day, every single month to afford their son\u2019s insulin.<\/p>\n<p>On this and other issues, I\u2019ve laid out specific proposals to Congress to bring down the cost of \u2014 everyday costs all American fam- \u2014 many American families face.<\/p>\n<p>And that\u2019s in addition to the work my administration has already done to lower prices.<\/p>\n<p>Another reason why prices are up for products people need relates to whether or not the manufacturer has access to all the materials they need to build a product.<\/p>\n<p>Think of the materials you need to build a house.  If you can\u2019t get materials from ship to shore, from the \u2014 from the shore to the home, the prices are going to go up.<\/p>\n<p>That\u2019s why we brought labor and industry together on the West Coast to improve operations at the ports to speed up the transfer of products from abroad to shore, from shore to the location where they\u2019re going to be used so that those products can move more quickly and cheaply.<\/p>\n<p>We haven\u2019t had enough truckers, for example, to deliver the lumber or other goods.  That\u2019s why we\u2019re executing a plan to get more truckers on the job.  It reduces the time it takes to move the goods quickly.<\/p>\n<p>Another problem we face is: In some industries, there\u2019s just \u2014 there isn\u2019t enough competition.  And I\u2019ve often said that capitalism without competition isn\u2019t capitalism, it\u2019s exploitation.  So, we\u2019re promoting competition for everything from Internet services to meat processing.<\/p>\n<p>We basically have four meat processors in the whole country.  They process the meat that goes into the hamburgers you buy, so they set the price.  When there\u2019s no competition, they can set the price higher and higher.  So, we\u2019re helping smaller companies get into the game to compete and help bring down the overall prices.<\/p>\n<p>The bottom line is: Easing \u2014 easing these bottlenecks and making our supply chains more secure is a major focus of my economic strategy so things move more quickly, prices go down, not up.<\/p>\n<p>You know, some parts of my plan I\u2019ve been able to get done on my own \u2014 I mean, just without congressional approval.  Some parts are being held up by Congress.  But all of my plan is focused on lowering costs for the average family in America to give them just a little bit of breathing room.<\/p>\n<p>Now, what\u2019s the congressional Republican plan?<\/p>\n<p>They don\u2019t want to solve inflation by lowering your costs.  They want to solve it by raising your taxes and lowering your income.<\/p>\n<p>I happen to think it\u2019s a good thing when American families have a little more money in their pockets at the end of the month.  But Republicans in Congress don\u2019t seem to think so.<\/p>\n<p>Their plan has actually made working families \u2014 is going to make working families poorer.<\/p>\n<p>You don\u2019t have to take my word for it; it\u2019s in writing.   They\u2019ve made their intentions perfectly clear.<\/p>\n<p>Senator Rick Scott of Wisconsin [Florida], a member of the Senate Republican leadership, laid it all out in a plan.  It\u2019s the Ultra-MAGA Agenda.<\/p>\n<p>Their plan is to raise taxes on 75 million American families, over 95 percent of whom make less than $100,000 a year, total income.  The average tax increase would be about $1,500 per family.<\/p>\n<p>They\u2019ve got it backwards, in my view.  I\u2019ve proposed a minimum tax for billionaires.  In recent years, the average billionaire has paid about 8 percent in federal taxes.<\/p>\n<p>Congressional Republicans have proposed increasing taxes on teachers and firefighters.<\/p>\n<p>Fifty-five percent of the largest corporations paid net zero in federal taxes in 2020 on $40 million [billion] profits.<\/p>\n<p>It just isn\u2019t right.  That\u2019s why I\u2019ve proposed a minimum tax for corporations.<\/p>\n<p>Their plan would also raise taxes on 82 percent of small-business owners making less than $50,000 a year.  But it would do nothing to help \u2014 to \u2014 to hold big co- \u2014 big corporations and companies accountable.  Think about it.<\/p>\n<p>Republicans in Congress are so deeply committed to protecting big corporations and CEOs that they would rather see taxes on working American families and try to depress their wages to take on inflation.<\/p>\n<p>Never mind the fact that many of these companies are recording record profit margins, even as \u2014 as prices \u2014 as they raise prices records amounts.<\/p>\n<p>Look, you\u2019ve heard me say it before: I\u2019m a capitalist.  I\u2019m not out to punish anybody.  I have no problem with companies getting and generating reasonable profits.  But in this moment of peril, with a war overseas and inflation surging around the world, the last thing we should be thinking about is rewarding companies for exploiting this situation.<\/p>\n<p>While families struggle to pay their bills, some corporate \u2014 corporate executives are on earnings calls with investors on Wall Street, cheering their record profits and explaining how they\u2019re using this period of inflation to cover the rise in prices far beyond what they need to do to cover their costs.  And all this time, they\u2019re not even paying for a fair share of taxes in the first place.<\/p>\n<p>You want to bring down inflation?  Let\u2019s make sure the wealthiest corporations pay their fair share.<\/p>\n<p>My plan asks those companies to pay their fair share in taxes.  <\/p>\n<p>The congressional Republican plan?  Let them off scot-free.<\/p>\n<p>And if you [it] weren\u2019t extreme enough \u2014 the congressional Republican agenda \u2014 they put it in writing \u2014 it also calls on Congress to put special \u2014 excuse me \u2014 put Social Security, Medicare, and Medicaid on the chopping block every five years.<\/p>\n<p>Now, if I hadn\u2019t seen it in writing, I\u2019d think somebody is making this up.<\/p>\n<p>But their proposal is: Every five years, all those programs would cease unless they\u2019re re-voted \u2014 that the Congress comes along and says, \u201cYeah, we want to keep these plans,\u201d affirmatively voting for them.<\/p>\n<p>Well, imagine what \u2014 the changes that are going to take place then, man.  Imagine all the bargaining that\u2019s going to take place.  \u201cYou Democrats want to maintain Social Security?  You got give up such and such.\u201d<\/p>\n<p>Look, I want to give Medicare the power to negotiate drug prices, to make it stronger and lower your costs.<\/p>\n<p>Republicans in Conre- [sic] want to make \u2014 in Congress want to put Medicare\u2019s very existence up for a vote over and over again, along with Social Security and Medicaid.<\/p>\n<p>Really, ask yourself: How well are we going to sleep at night knowing that every five years, MAGA Republicans \u2014 if they\u2019re still the Republican \u2014 as I said, this is not your father\u2019s Republican Party \u2014 if we\u2019re going to have to vote on whether you will have Social Security, Medicare, and Medicaid, and what amounts you\u2019ll have in each of those programs?<\/p>\n<p>You know what they\u2019re likely to do?  Use them as hostages every five years to get their way on other things.  Think about it: \u201cGive us another tax cut for billionaires, or Social Security gets it.\u201d  \u201cStop investing in clean energy, or you\u2019re going to \u2014 or you\u2019re going to \u2014 we\u2019re going to kiss your Medicare goodbye.\u201d  It\u2019s outrageous.  It\u2019s outrageous.<\/p>\n<p>I can\u2019t believe that the majority of Republicans buy on to Scott\u2019s plan.  But that\u2019s a plan in writing, and he\u2019s in the leadership.<\/p>\n<p>Finally, let\u2019s do one more comparison.  Let\u2019s compare our two plans when it comes to the deficit.  <\/p>\n<p>Republicans love to attack me as a big spender, as if that\u2019s the reason why inflation has gone up.  Let\u2019s compare the facts.<\/p>\n<p>Under my predecessor, the deficit exploded, raising \u2014 rising every single year under the Republicans.  <\/p>\n<p>Under my plan, we\u2019re on track to cut the federal deficit by $1.5 trillion this year.  Let me say it again: $1.5 trillion by the end of this fiscal year.  The biggest one-year decline in all of history for America.  And that\u2019s in addition to last year we cut the budget $350 billion \u2014 the deficit, not the budget.  The deficit: $350 billion.<\/p>\n<p>My Treasury Department is planning to pay down the national debt this quarter, which never happened under my predecessor.  Not once.  Not once.<\/p>\n<p>Because unlike my predecessor, the deficit has gone down both years I\u2019ve been here.  That is not an abstraction.  It matters.  It matters to families, because reducing the deficit is one of the main ways we can ease inflationary pressures.<\/p>\n<p>Look, the bottom line is this: Americans have a choice right now between two paths, reflecting two very different sets of values.<\/p>\n<p>My plan attacks inflation and grows the economy by lowering costs for working families, giving workers well-deserved raises, reducing the deficit by historic levels, and making big corporations and the very wealthiest Americans pay their fair share.<\/p>\n<p>The other path is the ultra-MAGA plan put forward by congressional Republicans to raise taxes on working families; lower the incomes of American workers; threaten the sacred programs Americans count on like Social Security, Medicare, and Medicaid; and give break after break to big corporations and billionaires \u2014 just like they did the last time they held power when their top priority was a reckless $2 trillion tax cut going \u2014 the majority of that going to the very wealthiest Americans, which ballooned the deficit, and not a penny of it was paid for.<\/p>\n<p>Look, I know you\u2019ve got to be frustrated.  I know.  I can taste it.  Frustrated by high prices, by gridlock in Congress, by the time it takes to get anything done.<\/p>\n<p>Believe me, I understand the frustration.  But the fact is congressional Republicans \u2014 not all of them, but the MAGA Republicans \u2014 are counting on you to be as frustrated by the pace of progress, which they have everything \u2014 they\u2019ve done everything they can to slow down \u2014 that you\u2019re going to \u2014 will hand power over to them and enact \u2014 so they can enact their extreme agenda.<\/p>\n<p>Look at their agenda.  They put up on a webpage somewhere \u2014 I think I can do this \u2014 the \u201cScott Plan,\u201d and it\u2019s in writing.  <\/p>\n<p>We need a government focused on what families actually need.  So I urge all Americans to think about the path I\u2019ve laid forward.  We\u2019re going to have to do more beyond what I laid forward.  But then, think about what the Republicans in Congress are actually proposing.  Which path is right for you and your family and, quite frankly, for America?<\/p>\n<p>Let\u2019s build on the extraordinary process and progress we\u2019ve made instead of tearing it down.  Let\u2019s focus on what matters.  Thank you.  <\/p>\n<p>It \u2014 this really matters to average Americans.<\/p>\n<p>I want to thank you all.  God bless you.  And may God protect our troops. <\/p>\n<p>Q    Mr. President \u2014<\/p>\n<p>Q    China tariffs?<\/p>\n<p>(Cross-talk by reporters.)<\/p>\n<p>THE PRESIDENT:  If you\u2019re going to ask me about what I spoke about, I\u2019ll try to \u2014<\/p>\n<p>Q    Mr. President, I have a question on tariffs.<\/p>\n<p>Q    Mr. President, why do you believe so many Americans believe that your administration is not doing enough to combat inflation?  And do you believe that you and your administration bear some measure of responsibility for the inflation that we\u2019re seeing across the country?<\/p>\n<p>THE PRESIDENT:  The first is, we\u2019re in power.  That\u2019s the first thing.  And you \u2014 justifiably right, we control all three branches of government.  <\/p>\n<p>Well, we don\u2019t really.  We have 50\/50 in the Senate.  You need 60 votes to get major things done.  I\u2019ve been pushing the things I\u2019ve been proposing here, as you\u2019ve heard me speak to today, since I got in office.  And I have \u2014 I need to get 60 votes to be able to even pass them.  Number one.<\/p>\n<p>Number two, I think that, you know, it\u2019s \u2014 they\u2019re not focused.  They\u2019re \u2014 all they\u2019re focused on, understandably, is the problem they\u2019re facing.  They get a 5 and a half percent raise \u2014 an average raise in their salaries, and yet inflation exceeds that.  And they look around the world, and they know that a lot of it is extremely complicated.  And so, they\u2019re frustrated.  And I don\u2019t blame them.  I really don\u2019t blame them.<\/p>\n<p>There\u2019s a lot we have to do.  And but \u2014 you know as well \u2014 I shouldn\u2019t say \u201cyou.\u201d  I think what I have to do is explain in simple, straightforward language what\u2019s going on.<\/p>\n<p>Like, the reason why 30 percent of the inflation last year is because automobiles cost more.  Why did they cost more?  They couldn\u2019t get the computer chips to make them.  People are making a lot more money.  They wanted to buy the automobiles.  They couldn\u2019t buy them because the costs went up so high because there were so few of them.  The same way this year.  The same way this year \u2014 the reason why prices are up. <\/p>\n<p>They understand, but they don\u2019t \u2014 they\u2019re \u2014 look, most people \u2014 the vast majority of Americans are hoping that their government just takes care of the problem and they don\u2019t have to think about it in detail at the kitchen table or at the dinner table.  And that\u2019s understandable no matter what their background. <\/p>\n<p>But right now, it\u2019s confusing.  There\u2019s a war in Ukraine.  And they\u2019re scratching their heads like, \u201cWhat the heck is Russia doing?  Should we be helping?\u201d  They think we should be helping the innocent Ukrainians.  But what impact does that have?  Do you think the average person, whether they have a PhD or they are \u2014 have any other job, sits and thinks, \u201cWow, there\u2019s thousands of tons of grain in elevators in Ukraine that can\u2019t get out\u201d?  And Ukraine is one of the biggest producers of corn and wheat.  \u201cHuh, I wonder whether that\u2019s the reason my prices are up.\u201d<\/p>\n<p>Q    And do you take any responsibility for the inflation in this country?  Do you take any responsibility \u2014 your policies? <\/p>\n<p>THE PRESIDENT:  I think our policies help, not hurt.  Think about what they say.  The vast majority of the \u2014 of the \u2014 of the economists think that this is going to be a real tough problem to solve.  But it\u2019s not because of spending.  We brought down the deficit. <\/p>\n<p>The bottom line is: How much does America owe?  How much in the hole are we going?  We\u2019re reducing that.  So \u2014 <\/p>\n<p>Q    Mr. President, today you have retail gasoline prices and diesel prices at record highs \u2014<\/p>\n<p>THE PRESIDENT:  Yes.<\/p>\n<p>Q    \u2014 yet you have yet to ask Americans to consume less.  You\u2019re a train guy.  Have you ever thought of your administration asking Americans to drive less, to take public transport?<\/p>\n<p>THE PRESIDENT:  Well, if you ever raised a family like mine, you don\u2019t have to tell them.  They\u2019re doing everything in their power to figure out how not to have to show up at the gas pump. <\/p>\n<p>The vast \u2014 and that\u2019s why \u2014 for example, one of the things that\u2019s going to help a lot, which is going to take time, is our infrastructure bill.  The truth is they don\u2019t have that many options, in terms of transportation, around the country right now. <\/p>\n<p>If you live in the Northeast Corridor you do.  If you\u2019re driving back and forth between Baltimore or Washington, New York, et cetera.  But you don\u2019t have many choices.  You don\u2019t have a whole lot of choices to deal with other aspects of transportation in terms of local transportation. <\/p>\n<p>And so, what happens is \u2014 and unless they\u2019re electric, we find theirselves \u2014 the cost of flying \u2014 getting \u2014 buying a ticket on a plane costs more because of gas prices. <\/p>\n<p>So this is a process, but it\u2019s a process that I\u2019ve been consistent about: wanting to lower prices for \u2014 and shift to renewable energy so we\u2019re not as dependent. <\/p>\n<p>I have conversations almost every \u2014 well, that\u2019s not \u2014 that\u2019s an exaggeration \u2014 at least twice a week with one of my European counterparts, heads of state, on what \u2014 how can we help them, in fact, wean themselves off of Russian oil, because they\u2019re so totally dependent. <\/p>\n<p>So, we\u2019re liken [sic] like \u2014 we\u2019re working like the devil to help them transition.  Because as long as Russia is able to make money selling oil, they\u2019re going to continue to be able to do the bad things they\u2019re doing. <\/p>\n<p>So, there\u2019s a lot.  It\u2019s really complicated.  I\u2019m not suggesting the American people can\u2019t understand it.  They understand it, but they have \u2014 you know, they\u2019re working 8, 10 hours a day just to put food on the table. <\/p>\n<p>And so, I think what\u2019s happened is we have \u2014 in a sense, I never expected \u2014 let me say \u2014 let me say this carefully: I never expected the Ultra-MAGA Republicans, who seem to control the Republican Party now, to have been able to control the Republican Party.  I \u2014 I never anticipated that happening.<\/p>\n<p>Q    Mr. President, a year ago, the administration was saying that inflation was transitory.  That\u2019s obviously not the case now.  How long do you think it will be until we see prices coming down?<\/p>\n<p>THE PRESIDENT:  I\u2019m not going to predict that.  It ranges depending on which economists you\u2019re talking to.  By the end of this year, and some say it\u2019s going to be \u2014 it\u2019s going to increase next year.  But there\u2019s others who say by the end of this year you\u2019re going to see it come down \u2014 by the calendar year. <\/p>\n<p>I don\u2019t know, but I know what we have to do to make sure that we can bring it down.<\/p>\n<p>Q    Mr. President, do you support any restrictions on abortion?  Or what limits do you believe there should be, as the Senate is taking that up?<\/p>\n<p>THE PRESIDENT:  I\u2019m not going to respond to anything because I don\u2019t want \u2014 I want this story to be about inflation.  And I\u2019ll talk about that \u2014<\/p>\n<p>(Cross-talk by reporters.)<\/p>\n<p>Q    You called out Rick Scott \u2014 you called out Rick Scott a little while ago in your remarks.  Earlier today, anticipating your remarks, he said \u2014 and I\u2019m just quoting here \u2014 that the best thing \u2014 \u201cthe most effective thing Joe Biden can do to solve the inflation crisis he created is resign.  He\u2019s the problem.\u201d   The senator added later \u2014<\/p>\n<p>THE PRESIDENT:  Resign?  That\u2019s a good idea.<\/p>\n<p>Q    The senator added later, \u201cJoe Biden is unwell.  He\u2019s unfit for office.  He\u2019s incoherent, incapacitated, and confused.\u201d  These are his words.  I\u2019m offering you a chance to respond to that.<\/p>\n<p>THE PRESIDENT:  I think the man has a problem.<\/p>\n<p>Q    Will you drop former President Trump\u2019s China tariffs?<\/p>\n<p>THE PRESIDENT:  We\u2019re discussing that right now.  We\u2019re looking at what would have the most positive impact.<\/p>\n<p>Q    To lower them or to erase them?<\/p>\n<p>THE PRESIDENT:  No, I didn\u2019t say that. <\/p>\n<p>Q    I\u2019m asking.<\/p>\n<p>THE PRESIDENT:  I\u2019m telling you we\u2019re discussing it, and no decision has been made on it.  <\/p>\n<p>Thank you all very much.  Appreciate it.  Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington, DC&#8230;Good morning. Today I\u2019d like to talk about two potential paths forward to address the number-one challenge facing families today: inflation. This will not be my only speech on inflation, I\u2019m sure. But when you look at the economy today, it\u2019s clear that we\u2019ve made enormous strides. And our plans and our policies have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":140633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[20,5,1],"tags":[],"class_list":["post-140632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2022\/05\/Chrome-Legacy-Window-5102022-52022-PM.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/140632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=140632"}],"version-history":[{"count":2,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/140632\/revisions"}],"predecessor-version":[{"id":140635,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/140632\/revisions\/140635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/140633"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=140632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=140632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=140632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}