Biden Calls Inflation A ‘Strength’ Of US Economy

On Tuesday morning, Democrat President Joe Biden struggled as he spoke on the economy, calling the ongoing inflation a “strength” of the economy.

“I agree with what Chairman Powell said last week,” Biden said. “That the number one threat is the strength — and that strength that we’ve built is inflation.”

Biden appeared to have been referring to Federal Reserve Chairman Jerome Powell saying last week that he saw a “strong economy” in the United States — but it was threatened by record breaking inflation.

“Inflation is much too high and we understand the hardship it is causing,” he said, according to Politico. “We have a good chance to restore price stability without a recession, without a severe downturn, without materially higher unemployment. I see a strong economy now. I see a very strong labor market.”

Biden’s comments come as the Labor Department is preparing to release its April 2022 report on the Consumer Price Index, which is a key measurement of inflation. According to the most recent report, inflation rose 8.5% from March 2021 to March 2022, the highest rate in 40 years. During that period, the record high inflation rate caused the real average hourly earnings of Americans to decrease 2.7 percent and the real average weekly earnings to decrease 3.6 percent, according to the Bureau of Labor and Statistics.

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