Political Quotes

“First of all, let me say inflation is a serious challenge confronting American families, particularly working families in this country. I live alone, and because I am just one person, I buy relatively small amounts of food at the grocery store. And I go to the grocery store nowadays and whether it is the price of bacon, which is at $12 a pound for Hormel or another meat packing, it is high, and I think to myself how a family not doing as well as I am doing and with kids to feed, how tough it is on them. So this inflation is very tough. It is a worldwide phenomenon. It is a phenomenon that is caused obviously by a pent-up demand asking for a lot of goods and chasing a lot of goods. And elementary economics, that any of us took in college, is that there are a lot of resources chasing few resources, i.e., a lot of money chasing a short supply of goods, and you have that demand so that it drives prices up. This pandemic has had a global effect on the supply chain. The supply chain has been substantially affected. This was not the fault of, frankly, either Biden or his predecessor in terms of what happened to the supply chain. In Singapore they shut down companies, as you know, for months at a time. They just shut them down, which is one of the things that has led to this chip shortage, which has had ramifications.…”