President Biden on Monday acknowledged that the United States economy had “problems” and would be a “pull-out” before Americans saw full relief from inflation and rising prices.
Speaking at a news conference in Japan after meeting with Prime Minister Fumio Kishida, Biden insisted he did not believe a recession was imminent, citing key economic growth in the United States compared to other countries.
“Does that mean we have no problems?” We are doing it, “he said.” We have problems, but less significant than the rest of the world because of our inner growth and strength. “
Regarding recovery, Biden said it would be an escape. That will take some time. ”
While Biden simply said no to whether he believed a recession was imminent, other members of his administration did not rule out the possibility.
President Biden on Monday acknowledged that the United States economy has “problems.” AP Photo / Evan Vucci President Biden attended a bilateral meeting with Japanese Prime Minister Fumio Kishida at the Akasaka Palace on Monday, May 23, 2022, in Tokyo. AP Photo / Evan Vucci
“Well, there are always risks, but I think that’s where we are,” National Economic Council Director Biran Deez told CNN on Sunday. “Our economy is in transition from the strongest recovery in modern American history to a period of more stable and sustainable growth that works better for families.
The president’s comments came as the United States hit a nearly 40-year inflation record, reaching 8.3 percent in April. As a result, gas prices rose, averaging $ 4,596 a gallon on Monday. Several states see an average price above $ 5, while the average price of gas in California is just over $ 6, according to AAA.
The Biden administration has repeatedly accused Russian President Vladimir Putin of invading Ukraine as a catalyst for rising prices as the United States and several other Western countries cut off imports of Russian oil and gas.
Speaking at a news conference in Japan after meeting with Prime Minister Fumio Kishida, President Biden insisted he did not believe a recession was imminent. AP Photo / Evan Vucci
“You know, because of Putin’s war, we were kind of a little crazy about the impact of – the impact of Russian oil on Europe,” Biden said Sunday in a speech on Hyundai’s investment in Georgia while in Seoul, South Korea.
Despite efforts to blame, many Americans are unconvinced.
A recent CBS News / YouGov poll found that 69 percent of voters thought the economy was “pretty bad” or “very bad,” while 56 percent disapproved of Biden’s job as president.
Emperor Naruhito of Japan congratulates President Biden before their meeting at the Imperial Palace in Tokyo on Monday, May 23, 2022. Saul Loeb / Pool Photo via AP
Another recent survey by the Associated Press’s Center for Public Research (NORC) found that only 22 percent of Americans believe the economy is “very good,” “somewhat good,” or “good.” A whopping 78% describe the economy as “very poor”, “somewhat poor” or “prone to poverty”.
Overall, the survey found that only 21% of adults believe the United States is moving in the right direction.
Inflation and high prices remain a major concern among Americans targeting the fall midterm elections.
Regarding the recovery, President Biden said “this will be an obstacle. That will take some time. ” David Mareuil / Pool Photo via AP
Earlier this month, an ABC News / Washington Post poll found that more than nine out of 10 Americans – 94% – said they were worried about rising prices, while only 28% said they “approved” of the way Biden handles the economy.
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