As inflation remains dangerously high, Biden has urged Americans not to panic about the economy, even though he warned job growth may diminish considerably over the coming months.
Average, hard-working Americans are struggling with the cost of living. Fuel and food prices are at a premium, and wages adjusted for inflation levels have decreased by 0.1% over the last month. Real earnings have plummeted further to 2.6%, despite hourly earnings being up by 5.5%.
In an article for the Wall Street Journal yesterday, the president insisted he was sympathetic to the hardships Americans are facing across the country, but said we should be prepared for even more economic slowdowns. Bizarrely, he attempted to suggest we shouldn’t be concerned about this, writing, “During this transition, growth will look different. We will likely see fewer record job-creation numbers, but this won’t be cause for concern.”
Biden continued, “Americans are anxious. I know that feeling. I grew up in a family where it mattered when the price of gas or groceries rose. We felt it around the kitchen table. But the American people should have confidence that our economy faces these challenges from a position of strength.”
Biden went on to say in the article that America, after some of the highest inflation levels ever under the Biden Team leadership, will now face a period of economic growth “faster this year than China’s economy since 1996,” which shouldn’t really be difficult, considering the financial mess the country is in at the moment.
“With the right policies, the U.S. can transition from recovery to stable, steady growth and bring down inflation without giving up all these historic gains,” he continued.
According to Biden, we have reached a kind of economic plateau, or perhaps a better term would be rock-bottom, whereby the economy will begin to stabilize, after which America will move into what he terms as the “next phase” of economic recover.
Biden added, “Rather, if average monthly job creation shifts in the next year from current levels of 500,000 to something closer to 150,00, it will be a sign that we are successfully moving into the next phase of recovery, as this kind of job growth is consistent with a low unemployment rate and a healthy economy.”
Biden stressed that rising gas prices were due to Russia’s war in Ukraine, and encouraged Congress to pass the “clean energy and tax credits that I have proposed” which will see around $320 billion spent on clean energy and the war on climate.
Biden is sure the clean energy bill will help reduce bills for ordinary Americans saying, “A dozen CEO’s of America’s largest utility companies told me earlier this year that my plan would reduce the average family’s annual bill by $500 and accelerate our transition from energy produced by autocrats,” Biden exclaimed.
Biden concluded that he was open to suggestions from either Democrats or Republicans about how he should tackle America’s economic crisis adding, “I will work with anyone, Democrat, Republican, or Independent, willing to have an open and honest discussion that delivers real solutions for the American people. The economic policy choices we make today will determine whether a sustained recovery that benefits all Americans is possible.”
Biden is going to need all the help he can get.
We appreciate our friends at Patriot Alerts for their contribution in this article.