Despite inflation being at a 40-year high and the epidemic being officially “finished,” President Biden has said that he doesn’t think the economy is as terrible as people think.
The claims were made by Biden, who seldom ever gives interviews, in an interview with CBS 60 Minutes on Sunday.
His upbeat assessment of the strength of the economy comes after markets plunged last week as a result of important August inflation data that came in higher than anticipated, dampening investor hope for falling prices and a more dovish Federal Reserve.
A higher-than-anticipated number for inflation was reported in the consumer price index data for August. Despite lowering gas costs, headline inflation increased 0.1% month over month.
“Let’s consider this in context. The month-to-month inflation rate was only an inch, scarcely at all,’ Biden said.
Core inflation increased by 0.6% from one month to the next, while it has increased by 8.3% from one year to the next.
We’ve been in a situation where it hasn’t surged in a while. It has essentially been even. The president said, “And in the interim, we generated all these jobs, prices went up, but costs for energy went down.
The reality is that 10 million new jobs have been generated. The unemployment rate in our current circumstances is about 3.7%. among the lowest in recorded history We are now seeing a significant return of manufacturing to the United States. And if you look into the future, we are making big investments in jobs and computer chips. It’s a procedure.
We aim to have what is known as a “smooth landing,” or a transition to a situation in which we don’t lose the wins that I originally campaigned for—being able to create expansion and well-paying employment for middle-class people. Ensure that we can expand farther while doing both at the same time.
One promise that Biden did make to Americans was that he would start to bring expenses down and “under control” inflation.
“Their pricing for prescription medications are going to be a whole lot cheaper.” Their medical expenses will be much less. Their fundamental expenditures for everyone and their energy costs will decrease. They’ll find themselves in a position where they can regain control. I feel more upbeat than I have in a long time.
The economy, according to Biden, is still expanding, and the creation of 685,000 manufacturing jobs since he took office will “continue to put people in a position to be able to earn a fair living and thrive,” he added.
The epidemic is ended. COVID is still a concern for us. Even though we’re still working hard on it, the epidemic is gone. No one is concealing themselves, if you observe. Everyone seems to be in excellent health, therefore I believe that something is changing. And I believe this is a fantastic illustration of that,” Biden stated last week as he was strolling around the massive Detroit Auto Show.
Since early in Biden’s presidency, when more than 3,000 Americans per day were dying from the COVID-19 epidemic, the death toll has dramatically decreased because to improved treatment, drugs, and immunizations that are now more readily accessible.
However, the US Centers for Disease Control and Prevention report that COVID-19 still claims the lives of up to 400 individuals per day in the US.
In order to be ready for a possible autumn case spike, Biden has requested Congress for an additional $22.4 billion in funding.
During the lengthy conversation, the subject of Ukraine came up.
Biden said that the price of gasoline had decreased by around 26% from the $5 high reached this past June as a result of his decision to release a million barrels of oil per day from the Strategic Petroleum Reserve.
Because of Russia’s conflict on Ukraine and Vladimir Putin’s choking of energy supply, prices rose at the start of the summer.
Going ahead, Biden does not consider it to be a concern.
We, the United States, are considerably better off than anybody else is, especially when compared to Russia.
According to the president, American support for Ukraine is “ironclad” and will last “as long as it takes.”
In a counteroffensive, Ukrainian forces have driven Russian forces from towns and cities. About 3,000 square kilometers were reclaimed by Ukrainian soldiers last week from the Russian incursion. However, the cost of the conflict is enormous, and new crimes, such as mass graves and torture dungeons, are coming to light.
The United States has provided Ukraine with security aid totaling more than $13.5 billion since January 2021, but Biden believes the expense is justifiable.
“What he did has been brutal.” His assaults on civilian hospitals, nursing homes, communities where only regular people reside, and even schools are ridiculous. The cost of this conflict is thus quite great for the Ukrainian people. But we’ll stick with them for as long as they need our assistance.
They are outclassing Russia. Russia is not proving to be as competent and capable as many people had anticipated. But winning the conflict? It’s quite difficult to consider that victory given the harm it’s causing, as well as the residents and innocent victims who are being slain.
When asked what he would tell Russian President Vladimir Putin if he were thinking about deploying chemical or tactical nuclear weapons to win, Biden had a straightforward response.
‘Don’t. Avoid doing it. Biden exhorted, “You will transform the face of combat unlike anything since World War II.”
They’ll be treated worse than before as outcasts in the world. What will happen would depend on how far they go with their actions.