Biden vows to tame inflation and boasts of new economic boom: ‘We will remain vigilant’
U.S. President Joe Biden delivers remarks on the economic recovery in the State Dining Room at the White House in Washington, D.C. on Monday, July 19, 2021. - Yuri Gripas/Yuri Gripas/TNS

President Joe Biden vowed Monday to keep an eye on “transitory” price rises while boasting that he is laying the groundwork for a massive economic boom. Playing down fears of inflation, Biden called the price hikes a normal and fleeting side effect of the global rebound from the COVID-19 pandemic. “You cannot switch the global lights back on without some (problems),” Biden said. “This is what economists call transitory effects.” “We will remain vigilant,” the president added. Biden pointed out that once-soaring lumber prices have quickly come back to earth even as new car prices continue to sp...