Biden admits prices not coming down soon
President Biden acknowledged Wednesday that Americans would be feeling the pain from skyrocketing food and gas prices for some time to come Wednesday as consumer costs at the pump hit another new high.
“The idea we’re going to be able to click a switch, bring down the cost of gasoline is not likely in the near term, nor is it with regard to food,” the president told reporters following a White House event with baby formula manufacturers.
As Biden spoke, the average nationwide price of a gallon of gas stood at $4.67, the highest on record, according to AAA.
The throw-your-hands-up moment from Biden came one day after Treasury Secretary Janet Yellen acknowledged that she was wrong about inflation being a “transitory” problem despite the annual rate hitting highs not seen in 41 years.
“I was wrong then about the path that inflation would take,” Yellen said in an inte …