As the President touted last month’s jobs report and projected confidence in the nation’s economic trajectory, he also acknowledged many Americans “remain anxious” about high gas and food prices.
Biden again placed blame on Russian President Vladimir Putin’s unprovoked invasion of Ukraine, while also saying, “I understand that families who are struggling probably don’t care why the prices are up. They just want them to go down.”
The President assured the American people he was doing “everything I can on my own to help working families during this stretch of higher prices,” but urged Congress to pass proposals he has put forward to lower costs.
The tempering of expectations about economic gains from the President comes as inflation is running at a near-four-decade high and concerns about a recession are mounting. In order to help get inflation under control, the Federal Reserve said it would hike its interest rates by a half-percentage point — the largest jump in 22 연령.
“We aren’t likely to see the kind of blockbuster job reports month after month like we had over this past year, but that’s a good thing. That’s a sign of a healthy economy,” the President argued.
이번주 초, US Treasury Secretary Janet Yellen acknowledged she had failed to anticipate how long high inflation would continue to affect Americans. Yellen told CNN’s Wolf Blitzer that she was “was wrong then about the path that inflation would take,” when asked about her comments from 2021 that inflation posed only a “small risk.”
A number of top economic aides to the President have been taking to the airwaves to push the message that Biden is focused on bringing down consumer prices in an attempt to boost the President’s low approval ratings. The White House recently launched a month-long effort to signal heavy focus on the economy less than six months out from this fall’s midterm elections.