The pivot is coming after Biden, and his advisers spent months downplaying economic concerns and rejecting suggestions that prices would increase, undermining his credibility when it comes to spinning the prevailing crisis.
"We still have a long way to go to fully recover from all the pain and destruction caused by the pandemic," Biden announced Monday in an address announcing his Federal Reserve nominees.
"And we're still dealing with the difficult challenges and complications caused by COVID-19 that are driving up costs for American families. I know, for a lot of Americans, things are still very hard — very hard."
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Biden recognizes the pressure put on many families by growing prices as his poll numbers proceed to fall. According to the RealClearPolitics average of polls, his latest approval rating average is roughly 41%, while an average of 53% disapproves of his job performance.
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While several factors have added to the slide, Biden's approval numbers started to plummet over the summer, at a time when his message of the economy reflected optimism that his administration no longer advances.
Biden dismissed concerns from economists over the summer that his policies and supply chain disruptions produced by pandemic lockdowns would drive up prices.
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"I don't know anybody, including Larry Summer — who's a friend of mine — who's worried about inflation, is suggesting that there's any long-term march here if we do the things we're going to do," Biden announced through a July 21 town hall with CNN.
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Summers, the Treasury Secretary under former President Clinton and director of the National Economic Council under former President Barack Obama, had warned in a May op-ed that Biden's massive stimulus bill, passed earlier this year, would contribute to inflation that was likely to last.
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"[N]ot everything we are seeing is likely to be temporary," Summers announced in May. "A variety of factors suggests that inflation may yet accelerate — including further price pressures as demand growth outstrips supply growth; rising materials costs and diminished inventories; higher home prices that have so far not been reflected at all in official price indexes; and the impact of inflation expectations on purchasing behavior."
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In June, Biden was even more dismissive when he suggested prices would simply "pop up" and fall back to normal levels after a brief window.
"Talking inflation — the overwhelming consensus is, it's going to pop up a little bit and then go back down. No one is talking about, 'This great, great deal,'" Biden announced in a June 24 press conference.
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