Decade-defining inflation is here, and despite the dreams of the Fed and Congress, investors have clearly signaled that they no longer believe it to be transitory. President Joe Biden has repeatedly tried to explain away consecutive months of damning producer and consumer-side inflation increases, but on Wednesday night, the president took a … shall we say interesting tack in trying to argue that people shouldn’t be concerned about inflation, not despite his agenda but precisely because of it.

“Moody’s today went out, Wall Street firm, not some liberal think tank, said, if we pass the other two things I’m trying to get done, we will in fact reduce inflation, reduce inflation, reduce inflation,” Biden said during a CNN town hall. “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.”