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00:00Or in separately you know you talk about the importance of the Fed but isn't that an acknowledgement that you're limited in what you can do if you if if you're relying on the Fed to make decisions and you're unable to get a build back better proposal through aren't you simply limited in what you can do to deal with inflation. Well look as you knew. Inflation has everything to do with the supply chain. And I think what you're seeing is that we've been able to make progress on speeding up the access to materials for for example one third of the cost of the increase in cost of living is cost of automobiles reason automobiles have skyrocketed and prices because of lack of computer chips. So we have the capacity and we're going to do everything in our power to do it to become self-reliant on the computer chips that we need in order to be able to produce more automobiles. That's under way. We've already passed within the context of another bill money for that in the House of Representatives before the House of Representatives now. But I think there's a way we can move to if we can move to get for example that one thing done it can make a big difference in terms of the cost of the total cost of living. Now with regard to the whole issue of energy prices that gets a little more complicated. But you saw it happen when I was able to convince everyone from including China India a number of other countries to agree with us to go into their version of this other petroleum reserve to release more into the market. So that that brought down the price about 12 15 cents a gallon some places some places more. There's going to be there'll be a reckoning along the line. Here is whether or not we're going to continue to see oil prices continue to go up in ways that are going up now relative to what is going to what impact that's going to have on the producers. And so it's going to be hard. I think that's the place for most middle class people. Working class people get hit the most and pull up to a pump. And all of a sudden instead of paying two dollars and 40 cents a gallon they're paying five dollars a gallon. That's going to be really difficult. But so we're going to continue to work on trying to increase oil supplies that are available. And I think there's ways in which we can be of some value added in terms of the price of gas natural gas and the like to take the burden off the European countries that are now totally dependent on Russia. But it's gonna be hard. It's going to be very hard. But I think that we have to deal with for example like I said you have a circumstance where people are paying more for a pound of hamburger meat than they ever paid. Well one of the reasons for that is you don't have that many folks out there that are the ones that are get the big for controlling law. And so you're going to see more and more room move on this competition piece to allow more and more smaller operations to come in and be able to engage in providing buying and providing access to much cheaper meat than exists now. But it's going to be a hole now. And as you I assume the reason you said if I can't get build back better as relates to what those 17 Nobel laureate economists said that if in fact we could pass it it would actually lower the impact on inflation reduce inflation over time et cetera. So there's a lot we have to do. It's not going to be easy but I think we can get it done. But it's going to be painful for a lot of people in the meantime.

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Fixing Inflation Won't Be Easy, Says Biden

“The inflation has everything to do with the supply chain,” President Joe Biden said Wednesday at a press conference. He talked about how the administration is dealing with rising consumer prices for beef and gasoline. (Source: Bloomberg)

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