President Joe Biden has been chastised for rising inflation, which has strained the budgets of millions of Americans, to its highest level in 41 years.
He has blamed the rise in costs on Vladimir Putin’s invasion of Ukraine and the COVID pandemic, and now claims that inflation is a global issue.
He slammed allegations that he is to blame in an interview with the Associated Press on Thursday.
‘Doesn’t it strike you as odd? If it’s my fault, why is inflation higher in every other big industrial country in the world? Do you ask yourself that question?
In the Oval Office, he told AP reporter Josh Boak, “I’m not trying to be a clever guy.”
While prices have been growing around the world, for the majority of the year, inflation in the United States has been greater than the G7 countries and China.
With an all-time high of 8.6%, the United Kingdom has only recently surpassed inflation in the United States.
However, countries such as Germany, France, Japan, and Canada continue to lag behind the United States in terms of pricing.
From April 2021 to April 2022, data from the Organisation for Economic Cooperation and Development reveals that US inflation has been continuously growing above that of all other countries.
The data is only provided through April because that is when the most complete data was available.
In an interview with the Associated Press, Biden also mentioned that the deficit has been decreased and that employment has increased under his watch.
However, the Democratic president admitted that Americans are spending far more to put food on their tables and fuel in their automobiles, and that this is hurting his support ratings.
‘If you want a straight barometer of what people are going to speak about at the kitchen table and the dining room table, and if things are going well, the cost of food and the cost of gasoline at the pump,’ he said.
He blamed the nation’s economic downturn on high petrol prices, stating that before prices began to rise, ‘things were lot more, they were much more positive.’
However, while Biden stated to oil firms, “Don’t just reward yourselves,” he has few options at his disposal to meaningfully lower prices in the near term.
Biden stated that the American people are “truly, really sad” after more than two years of the COVID-19 outbreak.
He stressed that the need for mental health services in the United States has “skyrocketed” as a result of “everything being upset.”
Even if the majority of voters believe the country is on the wrong track, Biden insisted that he is optimistic about the country’s future and that Americans should be as well.
‘Be confident,’ Biden added, ‘because I am confident that we are better positioned than any country in the world to own the second quarter of the twenty-first century.’ ‘That isn’t hyperbole; it is fact.’
Still, it was unclear whether Biden’s words would have any effect on the country’s bleak outlook.
Biden also stated that he had not considered the internal political consequences of US sanctions against Russia for its invasion of Ukraine, particularly how they might affect the economy.
‘I think what would follow next is you’d see mayhem in Europe,’ he warned without such action. ‘It’s not about my political survival,’ he stressed. It’s all about the country’s best interests.’
Biden indicated that he is willing to suffer a political price as a result, telling young people interested in public service, “Don’t get active unless you know what’s worth losing over.”
In terms of domestic policy, Biden expressed optimism that a slimmed-down version of the ‘Build Back Better’ measure may pass Congress before the November midterm elections.
The earlier efforts to address inflation concerns were thwarted by Democratic West Virginia Senator Joe Manchin’s reservations.
To get around GOP resistance under Senate budget rules, Biden needs all 50 Democrats to endorse a plan.
‘There are multiple ways to reduce the cost of living for working people,’ Biden added.
‘While gasoline can cost up to $5 per gallon, insulin can cost up to $1,000 per month for a youngster with stage two diabetes. We can cut it down to $35 per month and get it done.’
‘We have the votes to do it,’ he continued. We’re going to finish it. I’m not going to be able to finish everything.’
Biden also hinted that there was agreement on tax incentives for winterizing homes, which would help decrease power bills, and on increasing local semiconductor manufacturing to address supply chain difficulties that have driven up prices.
Biden expressed optimism about a bipartisan framework to address gun violence by strengthening some background check procedures for teenage gun buyers and motivating states to enact “red flag” measures to keep guns out of the hands of the mentally ill.
After decades of inaction and huge tragedy, momentum appears to be growing in the Senate as senators prepare the legislative text.
Biden acknowledged some, albeit minor, improvement.
‘We’ll get gun safety,’ he added, before adding, ‘We’re not going to get what I wanted.’
Despite their years of disagreements, Biden said he still sees Senate Minority Leader Mitch McConnell as a Republican with whom he can work – a rare breed in today’s GOP, he said.
When he started office, the president said he believed there were “maybe, definitely 15” classic, mainstream, conservative Republicans left. And I include the minority leader from Kentucky in that – and I’m going to get myself in trouble, and I’m probably going to get him in trouble.’
‘He’s a decent, moderate man,’ Biden said of McConnell.
The president, who has labeled other Republicans as “ultra-MAGA,” cited Wisconsin Senator Ron Johnson and Florida Senator Rick Scott as examples.