The talk comes a day before the US Federal Reserve can raise interest rates by up to three-quarters of a percentage point as it tries to bring inflation under control. The issue has angered Biden and his White House for months after downgrading inflation concerns last year. Speaking at the Pennsylvania Downtown Convention Center, Biden spoke in support of his government’s efforts to help the nation recover from the coronavirus pandemic, including the Covid-19 relief bill and the civil service bill. . “While it was happening, America created more … billionaires during that crisis in 2020 than any other year in history. Talk about a contradiction. Ordinary people were coming, waiting in line for an hour for a box of food and its policies. “The past has created more billionaires than ever before in American history. Guys, it’s hard to believe, but it’s true. We inherited it,” Biden said. But without much choice but to fight price increases, the president made a contrast between his economic policies and the plan proposed by Sen. Rick Scott, Florida’s campaign leader. The president has tended to criticize what he describes as a “super-MAGA agenda” on the right as part of his messages for the November midterm elections. The White House has been trying for months to demonstrate its commitment to reducing inflation and reducing rising prices that are putting pressure on millions of American families. However, the President acknowledged earlier this month that he could not do much to reduce the cost of petrol or food in the near future. The president and his government have repeatedly blamed rising gas and energy prices on Russian President Vladimir Putin and his unprovoked invasion of Ukraine, although other factors, such as high demand, blocked supply chains, and rising Housing costs and Covid-19 boost efforts have also been cited by experts as reasons behind the increase. Measures taken by Biden to try to combat price increases – such as the record of crude oil releases from the US strategic reserve – did not work. For the first time ever, a gallon of natural gas now costs $ 5 on average nationwide, according to Saturday’s AAA reading. Combined with the stock market crash and strong warnings from powerful CEOs, the economy has become the White House’s top political problem and priority. However, the president’s spokesman claims that the Americans will be able to overcome the economic storm thanks to their actions since Biden took office. “We know families are worried about inflation and the stock market. That’s something we know. We know what we’re seeing right now is global challenges,” White House spokeswoman Karine Jean told reporters. on Tuesday. He added, “The American people are in a good position to meet these challenges because of what we have done over the last year and a half to address the economy … but yes, we are watching closely.” US stocks have plunged into a bear market, something that happens when stocks close 20% or more of their most recent high. A closely monitored inflation report showed that prices rose by 8.6% in May, the fastest rate since 1981. The-CNN-Wire & 2022 Cable News Network, Inc., a WarnerMedia company. All rights reserved. MORE TOP STORIES: Copyright © 2022 WPVI-TV. All rights reserved.
