Ahead of tonight’s mayoralty, President Biden tackled inflation woes directly as he laid out his massive infrastructure program and lashed out at critics while touting six months of economic growth under his administration.
Biden has sought to ease inflation fears by saying the recent price increases were temporary.
“As our economy picks up steam, we’ve seen prices go up. Some people worry that this is a sign of persistent inflation. This is not our point of view. Our experts believe, and the data shows that most of the price increases we’ve seen were expected and should be temporary, ”he said in a statement Monday in the State Dining Room.
He acknowledged: “The reality is that you cannot rekindle the global economic light and not expect it to happen. As demand returns there will be global supply chain challenges, ”citing price spikes with the semiconductor, lumber and hospitality industry, all the disruptions he has. described as “temporary”.
Biden, however, said his administration took the threat of inflation seriously.
“My administration understands that if we were to ever experience uncontrolled inflation over the long term, it would pose a real challenge to our economy. So even though we are convinced that this is not what we are seeing today, we will remain vigilant about any necessary response, ”he said.
He described his extensive infrastructure program, which weaves its way through Capitol Hill on two separate lanes, as a “force to get Americans lower prices.”
And as the path to bipartisan infrastructure negotiations encountered obstacles, including disagreements over how to pay for the proposal, Biden sought to remind his fellow congressmen that a deal had been made, intervening at one point: “The bipartisan infrastructure framework – that we shook hands, we shook hands.
Biden touted economic progress against the pandemic, directly citing his predecessor, former President Trump, who warned during the 2020 campaign of a “depression like we’ve never seen” if Biden is elected. Instead, a day before the sixth anniversary of his assumption of office, Biden said he “had brought this economy back from the brink.”
He touted his US bailout, which he said was designed to help Americans “over the course of a full year and beyond,” including the expanded child tax credit, which began to hit bank accounts last week.
You Can Read Also