Last night, President Biden appeared on Sixty Minutes to discuss the economic state of our country. In the interview, the President dismissed inflation concerns, downplaying the financial struggles everyday Americans are facing from rampant inflation.

Here’s the transcript of how the President responded to questions regarding inflation:

Scott Pelley: Mr. President, as you know, last Tuesday the annual inflation rate came in at 8.3%. The stock market nosedived. People are shocked by their grocery bills. What can you do better and faster?

President Joe Biden: Well, first of all, let’s put this in perspective. Inflation rate month to month was just– just an inch, hardly at all, 

Scott Pelley: You’re not arguing that 8.3% is good news.

President Joe Biden: No, I’m not saying it is good news. But it was 8.2% or– 8.2% before. I mean, it’s not– you’re ac– we act– make it sound like all of a sudden, “My god, it went to 8.2%.” It’s been–

Scott Pelley: It’s the highest inflation rate, Mr. President, in 40 years.

President Joe Biden: I got that. But guess what we are. We’re in a position where, for the last several months, it hasn’t spiked. It has just barely– it’s been basically even. And in the meantime, we created all these jobs and– and prices– have– have gone up, but they’ve come down for energy. The fact is that we’ve created 10 million new jobs. We’re in– since we came to office. We’re in a situation where the– the unemployment rate is about 3.7%. one of the lowest in history. We’re in a situation where manufacturing is coming back to the United States in a big way. And look down the road, we have mas– massive investments being made in computer chips and– and employment. So, I– look, this is a process. This is a process.

Of course, the President’s claim that the economy is growing can easily be debunked. There’s no question that the U.S. economy is in a recession; the last two GDP reports have shown a decline in growth, the widely used definition of a recession.

It is shocking to see how out of touch this administration is after our country has been hit with the highest inflation rate in 40 years. Everyday costs from groceries to gas are substantially increasing, making it harder for the average American to save money. The fault of which primarily belongs to the federal government’s irresponsible spending and the Federal Reserve’s inability to take the effective measures required to bring inflation down.

What do you think about the President’s comments regarding inflation? Let us know below.