President Biden admitted Monday that the US economy is struggling and that there will be “a long way to go” before Americans see complete relief from inflation and soaring prices.
During a press conference in Japan after his meeting with Prime Minister Fumio Kishida, Biden insisted he didn’t think a recession was inevitable, noting the important economic growth in the US relative to other countries.
“Does that mean we don’t have problems? We do,” said the President. “We have problems, but because of our internal growth and strength, they are less consequential than the rest of the world.”
On recovery, Biden said, “This is going to be a catch. That will take some time.”
While Biden simply said “no” on whether he believes a recession is inevitable, other members of his administration have not ruled out the possibility.
“Well, there are always risks, but I think here we are,” National Economic Council director Biran Deese told CNN on Sunday. “Our economy is in a transition from the strongest recovery in modern American history to what may be a more stable and resilient period of growth that works better for families.”
The President’s comments come as the US suffers a near 40-year record inflation high, hitting 8.3% in April. As a result, gas prices have skyrocketed to an average of $4.596 a gallon on Monday. Several states are seeing average costs over $5, while California’s average gas cost is just over $6, according to the AAA.
The Biden administration has repeatedly blamed Russian President Vladimir Putin’s invasion of Ukraine as the catalyst for the price increases – as the US and several other Western countries halted Russian oil and gas imports.
“You know, because of Putin’s war, we’ve been put off a little bit because of the impact of the — impact of Russian oil on Europe,” Biden said Sunday during his remarks on Hyundai’s investment in Georgia in Seoul, South Korea.
Despite the blame game, many Americans are unconvinced.
A recent CBS News/YouGov poll found that 69% of voters believe the economy is “fairly” or “very bad,” while 56% disapprove of Biden’s work as president.
Another recent poll conducted by the Associated Press-NORC Center for Public Research found that only 22% of Americans believe the economy is doing “very well,” “somewhat well,” or “towards good.” An incredible 78% described the economy as “very poor”, “somewhat poor” or “rather poor”.
Overall, the survey found that only 21% of adults believe the US is on the right track.
Inflation and high prices remain major concerns for Americans ahead of the midterm elections in the fall.
Earlier this month, an ABC News/Washington Post poll found that more than nine in 10 Americans — 94% — fear driving up prices, while just 28% said they “approved” of Biden’s handling of the economy .
https://nypost.com/2022/05/23/biden-admits-us-economy-has-problems-warns-of-haul/ Biden admits US economy has ‘troubles’, warns of ‘haul’