Biden: There’s ‘No Guarantee’ That Rising Inflation Will Go Away

President Joe Biden and First Lady Jill Biden give treats to trick-or-treaters on the South Lawn of the White House on Oct. 31, 2022. Alex Brandon/AP Photo

President Joe Biden admitted that he could not “guarantee” that his administration would be able to stop rising inflation.

Biden’s comments on inflation came a day after the midterm elections.

He stated that he will stay the course and do “nothing” differently for the next two years of his term in office.

A reporter, at a White House press conference on Nov. 9, asked what he could “promise concretely in these next two years that will help turn the pocketbook for the better in the midst of staving off a recession,” according to Fox News.

The president responded, “What I can’t do is, I can’t guarantee that we’re going to be able to get rid of inflation, but I do think we can, we’ve already brought down the price of gasoline about a dollar a gallon across the board.”

He accused American oil companies of “really doing the nation a real disservice,” and accused them of exploiting high energy prices.

“They’ve made, six of them made over a hundred billion dollars in the last quarter in profit,” he claimed.

Inflation Continues To Hit Voters

Meanwhile, annual inflation rates hit 7.75 percent for October, according to the Consumer Price Index, while core prices, which exclude food and energy, rose by 6.28 percent over the previous year.

At the start of Biden’s term, the price index was growing at a 1.4 percent annualized basis.

We are making progress on bringing inflation down, without giving up all of the progress we have made on economic growth and job creation, ” Biden said in a statement regarding the October inflation report.

“My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength.”

He also said that he would “oppose any effort to undo my agenda or to make inflation worse” and that the country is “on the right path.”

Biden Refuses To Change Course, As Red Wave Fails To Materialize

Biden also said that he was satisfied with the fact that a red wave failed to materialize against widespread expectations.

“Well, we had an election day yesterday, and I think it was a good day for democracy—and I think it was a good day for America,” Biden said.

“Our democracy has been tested in recent years, but with their votes, the American people have spoken and proven once again that democracy is who we are.”

“While we don’t know all the results yet, at least I don’t know them all yet, here’s what we do know—the press and the pundits were predicting a giant red wave—it didn’t happen,” Biden continued.

When asked about what his administration would do to alleviate the concerns of voters on the direction of the country, the president responded, “nothing, because they’re just finding out what we’re doing.”

According to a recent survey, 75 percent of Americans believe that the country is headed in the wrong direction.

“The more they know about what we’re doing, the more support there is,” he added.

Biden declared that he would not “change the direction” of his policies, while he described a list of what he sees are the major achievements of his presidency.

“Do you know anybody who wants us to get rid of the change we made on prescription drug prices and raise prices again?” Biden said in a retort.

“Do you know anybody who wants us to walk away from building those roads and bridges and the internet and so on?”

“I said I ran for three reasons. I’m going to continue to stay where I am. I know I fully understand the legitimate concern that what I’m saying is wrong,” he concluded.