We begin with the growing inflation that Report today that revealed something Most of us already know all too well the Cost of everything is up inflation has Surged to levels we haven't seen in four Decades the consumer price index Increased by half a percentage point in December that's a seven percent increase From the same time last year in the Largest 12-month increase since 1982. President biden says the report does Reveal some promising news for the Nation's economic recovery as the global Community emerges from what he calls the Pandemic economic slump we are now Joined by ouija jaing and scott Mcfarland weeja is a cbs news senior White house correspondent scott Mcfarland is the cbs news congressional Correspondent weeja thank you for Joining us i want to start with you the Biden administration of responding to These latest inflation numbers is saying What Drink it's so great to see you and today We did hear From president biden in a paper Statement and basically he said that There were some Bits of good news that the overall Headline showed that inflation was Decreasing that the prices of food and Gas was as well he did say it is clear Though that it is more that there is
More work to be done the question though Is what that work looks like since the Administration has already taken a Series of steps over the past several Months to try to curb these prices to Try to meet the demand by getting the Supply going again So we haven't heard from him directly in Any formal remarks about a plan to do More he also mentioned that this is a Global problem And that is why he put such an emphasis On linking The inflation numbers as well as the Overall economy with the pandemic and so The hope is that once omicron is under Control not only here but around the World that this will help ease some of That uh demand and help to get things Moving again in terms of manufacturing Which would then bring the prices down But you're right eureka in terms of Every day It's hard on people trying to make ends Meet and the president acknowledges that He says he understands that and he he is Committed to doing more and scott it's Worth mentioning again that this is the Fastest single rise in inflation in Nearly four decades uh these are so much More than just numbers how is it Actually impacting the average american Family break that down for us you know Eureka it's emptying people's wallets as
Store shelves and grocery stores are Emptying as well and perhaps the most Volatile cost is food right now it's Also perhaps the most visceral cost People have an intimate familiarity with What it should cost at the grocery store For milk for meat for cereal those Prices are going up and in some cases at So many stores those supplies are going Down now we've seen The research being done on the grocery Store issue that a lot of this is being Driven by worker shortages especially Truck driver shortages the trucking Industry says it's down 80 000 employees From where they should be That's slowing delivery of products to The store shelves but the grocery Industry says it's also short on Employees a survey by the association Representing groceries says 80 percent Of grocery stores in america report some Trouble either finding or retaining Workers and those worker shortages are Infusing the shortage of supplies but Here's what's clear This will be A political issue moving forward for the Congress The system failures the supply chain Failures could infuse the arguments for The build back better infrastructure Plan but there will be republicans who Say
More spending more federal spending Could fire up inflation further Absolutely and it always comes down to What people can tangibly feel when they Go to Vote for their their next congressman Next president or or whomever uh the Biden administration has attempted to Lower the inflation rate through 2021 Ouija what steps is the administration Planning to take to combat the rising Costs of these goods Well we don't know exactly yet because They've been so focused on the steps That they've already taken for example Working with ports especially out west To make sure that those huge containers That were just sitting there Were moving again they have worked with The trucking industry to try to make the Job more appealing for people to try to Get more young people on board to do the Work That is required to you know move goods Around So we have to wait to see if they are Have more to announce whether they have More steps because i i know That in just a little bit when we hear From white house press secretary jen Saki she will talk about all the things That they have already done she will Likely make the claim again that this is Transitory that there is good news in
This report even though um there's still Some more pain to go through in the long Run this will be good but i think one Thing that's really important and really Telling eureka is that today president Biden did not mention his build back Better plan when he released a statement About inflation where for months and Months even the last time he talked About inflation he pointed to that Program as being critical to um to ease People's concerns and to make sure that They have what they need moving forward To be able to pay rent to be able to get Their kids in school and afford child Care but what we saw Was that backfire a little bit from not Only republicans but from democrats in His own party who said wait a minute Look at inflation they were worried About how that huge piece of legislation Could impact it even more so now we're Seeing that he did not bring that up This time around and it makes me wonder What's next in terms of promoting that Spending bill which is still waiting uh To see what happens uh scott on top of The high cost of inflation what would Hiking interest rates do for american Consumers and how is uh this expected to Possibly help the u.s economy overall Well interest rates being where they've Been for almost a decade now Has impacted people's savings it's
Impacted people's investments a change In interest rates will certainly change Those investments and potentially change Those savings but at a political level Jericho when it comes to inflation what What some consumers will tell you what Some experts will tell you is that it's Not the extra cost for the item That can really hit somebody it's the Sacrifice they have to make the thing They don't buy to afford that item and Politically that can be kryptonite for Office holders when they have Constituents who are foregoing purchases Because the gas costs more the food Costs more the car costs more changes in Interest rates could impact this overall And could be Could be A political solution for office holders All right ouija and scott thank you so Much for joining us take care
