Fact-Checking Biden on Inflation and Infrastructure

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Biden last night at the CNN Town Hall:

No, look, here’s the deal: Moody’s, today, went out — a Wall Street firm, not some liberal think tank — said if we passed the other two things I’m trying to get done, we will, in fact, reduce inflation.  Reduce inflation.  Reduce inflation — because we’re going to be providing good opportunities and jobs for people who, in fact, are going to be reinvesting that money back into all the things we’re talking about, driving down prices, not raising prices.

That’s not what Moody’s said. Here’s how its report accurately summarizes its actual conclusion about the effect of this federal spending on inflation: “Worries that the plan will ignite undesirably high inflation and an overheating economy are overdone.” It also says that these worries “cannot be dismissed.”

At no point does the report suggest that passing Biden’s spending plans will “reduce inflation,” no matter how many times Biden repeats the false claim.

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