President Joe Biden shifted his narrative on inflation at a California fundraiser Friday night, despite his administration stressing for months that inflation was only temporary.
“We’re gonna live with this inflation for a while,” Biden said at the event. “It’s gonna come down gradually, but we’re going to live with it for a while.”
The Beverly Hills fundraiser with wealthy Democrat donors was hosted by billionaire Haim Saban, a media mogul.
That was a slightly different message from the more positive one he issued to Americans while visiting the Port of Los Angeles earlier Friday afternoon.
“Inflation outside of energy and food, what the economists call core inflation, moderated the last two months,” Biden said. “Not enough, but it moderated. It’s come down, and we need it to come down much more quickly.”
According to the latest consumer price index numbers for May, month-to-month core inflation was at 0.6 percent, the same percentage it was in April. Year-to-year core inflation was up 6 percent in May compared to a year ago, down from 6.5 percent in March.
The president has failed to offer any new solutions to solve inflation, despite calling it his “top economic priority.”
During his speech, Biden blamed oil companies for high gas prices and shipping companies for high shipping prices.
He also blamed all of the food and gas hikes on Russian President Vladimir Putin, even though prices were already rising before the invasion of Ukraine.
“I understand Americans are anxious, and they’re anxious for good reason,” Biden said, adding, “We have never seen anything like Putin’s tax on both food and gas.”