FLASHBACK: Biden said inflation was 'temporary' 1 year ago

Tuesday marks one year since President Biden told the American public that inflation and price increases seen in the beginning months of his administration would only be "temporary."

Biden made the remarks in a July 19, 2021 speech regarding the economy, leading off with predictions that were made leading up to his presidency, which have proven to be in many ways true.

"Before I took office, there was a lot of folks out there — a lot of folks out there making some pretty bold predictions about how things would turn out. You might remember some of the predictions. That if I became President, we’d, quote, 'see a depression the likes of which we’ve never seen,'" said Biden.