Did he really say this?
Doesn't everyone in Washington know that until this year, inflation was a problem of the deep past? I recall the 70's. I remember inflation numbers from year to year. They were outrageous, although to be honest, most of it was driven by ONE THING - oil. The worst of it in the mid 70's was the Arab oil embargo - towards the late 70's - the Iran revolution. We licked inflation largely on a few things - getting spending close to under control - better management of financial markets - and being closer to mostly energy independent.
This guy comes in, tips over the apple cart, starts the whole cycle all over again and pretends it isn't happening.
Just like last summer.