President Joe Biden said Wednesday that part of the reason for high inflation is that Americans “have more money” because of his administration’s COVID-19 stimulus checks. He also blamed the issue on the ongoing supply chain crisis and a subsequent demand for goods.
The Labor Department announced Wednesday morning that the Consumer Price Index (CPI) rose 0.9% for the month of October and 6.2% throughout the year, making it the highest rate in three decades. The announcement followed the passage of Biden’s $1.2 trillion bipartisan infrastructure package and also comes amid the administration’s push for his $1.75 trillion social spending package to pass Congress.
Critics have blamed the government for inflation, arguing that printing more money to help with the COVID-19 pandemic will have long-term consequences. More moderate Democrats, like West Virginia Sen. Joe Manchin, voiced concerns over the administration’s push to spend money. Biden acknowledged this argument Wednesday, highlighting that “the first major piece of legislation” he passed gave Americans across the country checks for $1,400.
“And the irony is: People have more money now because of the first major piece of legislation I passed,” Biden said after detailing how global supply chains have helped lower costs for Americans but made the country “more reliant on what happens” around the world.