FLASHBACK: Biden Promised During Campaign, ‘You’ll See Your Standard of Living Go Up and Your Costs Go Down’

Footage circulated online on Wednesday highlighted President Joe Biden’s promise — less than a month before his election — that consumer prices would drop if he entered the White House.

“Here’s how my plan works,” Biden said during an Oct. 24, 2020 stop in Bucks County, Pennsylvania. “None of you will have your taxes raised. Anyone making less than $400,000 will not see a penny in taxes raised. You’ll actually see your standard of living go up and your costs go down. Why [sic] I’m going to do this? I’m going to ask big corporations, the wealthy, to pay their fair share.”

Inflation rose by 6.2 percent in October 2021, the Labor Department said this month, marking a 30-year record. It was the fifth consecutive month the rate exceeded 5 percent. Biden’s $1.75 trillion “Build Back Better” plan, meanwhile, includes proposed modifications to the tax code that would result in tax increases for those making less than $400,000 annually.

or maybe #Brandon had no idea what he was talking about… https://t.co/JZkXssIJeV

— Ken Cuccinelli (@KenCuccinelli) November 17, 2021

Economic forecasters have advised that costs are likely to continue rising at a heightened pace through at least 2024, particularly if massive new spending proposals are passed. But administration officials have denied those forecasts, with Treasury Secretary Janet Yellen saying in an October interview that new spending “will boost the economy’s potential to grow, the economy’s supply potential, which tends to push inflation down, not up.” And in a statement this month, Biden called rising prices “transitory” and said they “reflect the ongoing struggle to restore smooth operations in the economy in the restart.”

Watch above via C-SPAN.