Biden Says ‘Pandemic Is Over’ And Inflation Will Be Controlled

(Bloomberg) -- President Joe Biden declared the Covid-19 pandemic “over” and said Americans would gain “control” of inflation, outlining a rosy view for the US economy in an interview less than two months before crucial midterm elections.

Biden said in the interview with CBS's “60 Minutes” for broadcast on Sunday that he hopes the economy can achieve a so-called “soft landing” as the Federal Reserve raises interest rates to cool price increases.

“I'm telling the American people that we're gonna get control of inflation,” Biden said when asked whether inflation measured by the consumer price index would continue to decline. The CPI rose 8.3% in August compared to the same month last year, a larger increase than forecast.

“Their prescription drug prices are gonna be a hell of a lot lower,” he added, according to the transcript of the interview. “Their health care costs are gonna be a lot lower. Their basic costs for everybody, their energy prices are gonna be lower. They're gonna be in a situation where they begin to gain control again. I'm more optimistic than I've been in a long time.”

He noted that since CPI reached an annual pace of 9.1% in June, the reading “hasn't spiked” and month-to-month price growth has been more moderate. He also touted his own record on jobs, noting that the unemployment rate was 3.7% in August, “one of the lowest in history.”

Detroit Auto Show

Interviewer Scott Pelley accompanied Biden to the return of the Detroit Auto Show last week, where he asked the president, “Is the pandemic over?” 

“The pandemic is over,” Biden said. “We still have a problem with Covid. We're still doing a lot of work on it. It's ... but the pandemic is over,” he said, observing that few people at the auto show were wearing masks. 

“Everybody seems to be in pretty good shape,” he said.

Biden also said that the US would avoid a recession by continuing to “grow the economy,” asserting that his policies are “growing entire new industries.” 

Why Fed Aim Is ‘Growth Recession,' a Not-Soft Landing: QuickTake

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.