President Joe Biden attempted to downplay widespread supply chain issues across the country this holiday season by suggesting that it is similar to past years when popular toys were not widely available.
“If you’ve watched the news recently, you might think the shelves in all our stores are empty across the country, that parents won’t be able to get presents for their children on holidays — this holiday season. But here’s the deal: For the vast majority of the country, that’s not what’s happening,” Biden claimed. “Because of the actions the administration has taken in partnership with business and labor, retailers and grocery stores, freight movers and railroads, those shelves are going to be stocked.”
“Now, I can’t promise that every person will get every gift they want on time. Only Santa Claus can keep that promise. But there are items every year that sell out, that are hard to find,” Biden said. “Some of you moms and dads may remember Cabbage Patch Kids back in the ‘80s or Beanie Babies in the ‘90s, or other toys that have run out at Christmas time in past years when there was no supply chain problem.”
Biden then attempted to address Americans’ concerns over inflation by trying to portray the problem as not a uniquely American problem.
“Here are a few things you should know: Just about every country in the world is grappling with higher prices right now as they recover from the pandemic,” Biden claimed. “In the United Kingdom, price increases have hit a 10-year high. In Germany, a 28-year high. In Canada, price increases are the highest they’ve been since the ‘90s. This is a worldwide challenge — a natural byproduct of a world economy shut down by the pandemic as it comes back to life.”
Federal Reserve Chairman Jerome Powell said this week that he expects high inflation to continue well into 2022 and that the U.S. government should stop trying to portray the situation as “transitory.”
“So I think the word transitory has different meanings to different people,” Powell told Sen. Pat Toomey (R-PA) during a Senate hearing on Tuesday. “To many, it carries a time, a sense of short-lived. We tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation. I think it’s probably a good time to retire that word and try to explain more clearly what we mean.”
“We will use our tools to make sure that higher inflation does not become entrenched,” Powell continued, adding that high inflation would “certainly” continue “through the middle of next year.”
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