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Biden: No need to worry about supply chains, inflation

U.S. President Joe Biden speaks on supply chain issues in the South Court Auditorium of the Eisenhower Executive Office Building, next to the White House in Washington, DC on December 1, 2021. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN / AFP via Getty Images)

Joe Biden speaks on supply chain issues in the South Court Auditorium of the Eisenhower Executive Office Building, next to the White House in Washington, DC on December 1, 2021. (Photo by MANDEL NGAN/AFP via Getty Images)

OAN . editorial office
UPDATE 1:12 PM PT – Wednesday, December 1, 2021

Joe Biden has managed to mitigate many of the economic crises the country is facing.

Speaking from Washington, D.C. on Wednesday, Biden claimed the economy is now doing well and is on track to recover. This comes despite a looming debt ceiling crisis, an ongoing supply chain crisis and soaring inflation, which Fed Chairman Jerome Powell recently said is far from over.

Biden also touted the release of 50 million barrels of oil from the national oil stockpile, which he claimed would drive down gas prices. However, many economists point out that the oil is only worth three days and will likely have little effect on consumers.

Biden then took the time to introduce his trillion-dollar social spending program, repeating the false claim that it would “pay for itself.”

“The reality is that the Build Back Better plan is financially responsible. This is the first major piece of legislation in more than a decade. And it not only paid off in full, but generated over $100 billion in deficit reduction,” claimed Biden.

Last month, the Congressional Budget Office released a report showing that Biden’s Build Back Better agenda will increase the federal deficit by $367 billion over the next decade. The report also found it would cost taxpayers $1.7 trillion over the same time period.

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DUSTIN JONES

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