Joe Biden says 'inflation is the number one threat'
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A number of people have taken to Twitter to blast the President for his slip of words, including former No10 chief advisor Dominic Cummings. He wrote: “In cold war nuclear near misses, decisions sometimes [have] to be taken in just minutes. This is the mental state of one of the key players in a possible future branching history of a nuclear crisis, like July 1914 rolled 1,000x faster.”
During his speech, Joe Biden slipped up, saying: “The number one threat is the strength, and that strength that we’ve built is inflation.”
Biden was delivering a speech on Tuesday, May 10, from the White House to address the issue of inflation, with Americans becoming frustrated by the rise in costs.
Biden went on to address the causes of the inflation, with him putting it down to “a once-in-a-century pandemic” and “Mr Putin’s war in Ukraine”.
Inflation has been one of the Democratic Party’s biggest problems heading into the 2022 midterm elections, with the White House pinning the problems on the ongoing coronavirus pandemic and invasion of Ukraine.
The President spoke about his recent accomplishments in an attempt to alleviate the issue of inflation, but reiterated calls for Congress to pass other parts of his agenda to lower the price of prescription drugs and other health care costs.
He said: “I want every American to know that I’m taking inflation very seriously and it’s my top domestic priority.
“I want every American to know that I am taking inflation very seriously.
“It is my top domestic priority.”
But Biden did go on to correct himself, with people defending the President against Dominic Cummings statement.
President Biden corrected himself, saying: “The number one threat in that strength that we’ve built is inflation.”
The Russian invasion of Ukraine represents a negative supply shock, ultimately resulting in price increases as also seen in the UK.
The Bank of England is now projecting annual UK inflation on the consumer prices index measure will top 10% later this year.
With fuel costs and household bills soaring, thousands are being plummeted into poverty as the average pay increase is not keeping pace with inflation.
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Average petrol prices rose 12.6p per litre between February and March – the largest monthly rise since records began in 1990.
18 million households on standard tariffs saw their annual bill jump from £1,277 to £1,971 on April 1, with an average increase of £693.
There are also higher interest rates, an increase in regulated rail fares, cost of postage, and water bills in England and Wales, and a rise in air passenger duty and vehicle excise duty rates.
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