President Joe Biden said the blame for the 41-year high inflation could not be blamed entirely on him during Thursday’s meeting with the Associated Press.
“Isn’t it interesting?” If it’s my fault, why is inflation higher in every other major industrial country in the world? Are you wondering that? I’m not trying to be a wise man, “he told White House AP reporter Josh Boke.
Biden said under his watch the deficit had been reduced and employment had risen – but the Democrat president acknowledged that Americans were paying much more to put food on their table and fuel in their cars, and that this put a dent in his approval rating. .
“If you want a direct barometer of what people will be talking about at the kitchen table and dining table and whether things are going well, that’s the price of food and what the price of gasoline is at the pump,” he admitted.
He blamed high gas prices for the nation’s economic pessimism, saying before prices began to rise: “Things were much more, they were much more optimistic.”
But while Biden said his message to oil companies was “Don’t just reward yourself,” he had few tools at his disposal to significantly reduce prices in the near future.
More than two years after the COVID-19 pandemic, Biden said the American people are “really, really oppressed.”
President Joe Biden (right) speaks during an interview with Associated Press reporter Josh Boke (left) at the Oval Office on Thursday
“I’m not a wise man,” President Joe Biden said in an interview with the Oval Office on Thursday when asked about inflation.
He stressed that the need for mental health in America “has skyrocketed because people have seen everything upset.”
Biden says he is optimistic about the country’s future and that Americans should feel it too – although a majority of voters say the country is on the wrong track.
“Be confident, because I am confident that we are better positioned than any other country in the world to own the second quarter of the 21st century,” Biden said. “It’s not hyperbole, it’s a fact.”
However, it was unclear whether Biden’s rhetoric would have a tangible impact on the nation’s grim outlook.
Biden also said he did not consider the domestic impact of US efforts to sanction Russia for its invasion of Ukraine, especially how it would destroy the economy.
Without such action, he said: “I am afraid that what will happen next is to see chaos in Europe.” He added: “This is not about my political survival. It is about what is best for the country.
Biden suggested he was willing to pay a political price as a result, saying his advice to young people interested in public services was, “Unless you know what it’s worth to lose, don’t get engaged.”
On domestic policy, Biden suggested he still believed that a scaled-down version of the Build Better bill could pass Congress before the November midterm elections.
Democratic Virginia Sen. Joe Manchin’s objections have torpedoed previous efforts over inflation concerns.
High inflation has raised food, gas and housing prices – areas that affect most Americans
Biden needs all 50 Democrats to support a package to bypass the GOP opposition under Senate budget rules.
“There is more than one way to reduce the cost to working people,” Biden said. “Gasoline can cost up to $ 5 a gallon, but someone with a child with stage 2 diabetes pays up to $ 1,000 a month for their insulin. We can cut it down to $ 35 a month and get it done.
He added: “We have the votes to do it. We will do it. I can’t do everything.
Biden also suggested that there is a consensus on providing tax credits for wintering homes, which will help reduce utility bills and boost local semiconductor production to tackle supply chain problems that have led to increased prices.
Biden was optimistic about a bipartisan framework for tackling gun violence by tightening some background checks on young firearms buyers and encouraging states to enact red flag laws to keep guns out of the hands of mentally ill.
As lawmakers draft the bill, momentum in the Senate appears to be growing after decades of inaction and mass tragedy. Biden acknowledged progress, albeit limited.
President Joe Biden (right) congratulates Associated Press reporter Josh Boke (left) at the Oval Office as they meet for an interview Thursday
President Joe Biden said he believed a weakened Build Back Better bill could pass through Congress in the interim, as well as a bipartisan arms control bill
“We will ensure the safety of the weapons,” he said, adding: “We will not get what I wanted.”
Despite years of political differences, Biden said he still sees Senate Minority Leader Mitch McConnell as a Republican he can work with – something he said he considered an endangered species in today’s Republican Party.
The president said that when he took office, he knew that “there are probably 15 types of traditional, mainstream, conservative Republicans left. And I’m getting involved – and I’m going to get in trouble, I’m probably going to get him in trouble – the leader of the Kentucky minority.
Biden added of McConnell, “He’s a solid, massive man.”
The president, who has called other Republicans “ultra-MAGA,” said examples include Wisconsin Sen. Ron Johnson and Florida Sen. Rick Scott.
Wall Street CHANGES amid fears of recession: Dow Jones up 164 points, S&P 500 up 32 points and Nasdaq up 165 points after markets open after a tumultuous week due to rising interest rates
U.S. stock index futures recovered on Friday from a brutal Wall Street sell-off this week after the biggest Federal Reserve rate hike since 1994 and tightening measures by other major central banks sparked fears of a recession.
The reference S&P 500 and tech Nasdaq have fallen 6% so far this week, with the former losing nearly $ 2 trillion in sales this week alone.
The Fed on Wednesday raised its key interest rate by 75 basis points to curb decades-high inflation, and officials outlined a faster rate of interest rate hikes. The Bank of England and the Swiss National Bank also raised borrowing costs, raising concerns about the global economic downturn.
“Even the most zealous buyers in the equity sector are beginning to realize that inflation is a threat, with central banks ready to lead the world to a slowdown and possible recession to overcome it,” said Jeffrey Halley, senior market analyst at OANDA. .
DOW JONES:
NASDAQ:
S&P 500:
Fed Chairman Jerome Powell is due to speak at a conference on the “International Roles of the US Dollar” at 8:45 a.m. ET.
The S&P 500 has fallen about 23% this year and recently confirmed to be in the bear market, or 20% below its record high at closing. The Dow is also on the verge of establishing its own bear market.
Big-cap companies Apple Inc, Amazon.com and Microsoft Corp each won about 1% in pre-market trading after a hammer on Thursday.
The expiration of the monthly option contracts is expected to increase the volatility before the market holiday on Monday, June 10.
At 06:49 ET, the Dow e-minis rose 172 points, or 0.57%, the S&P 500 e-mini rose 29.75 points, or 0.81%, and the Nasdaq 100 e-minis rose by 123.21 points, or 1. cent
Shares of Alibaba Group Holding Ltd jumped 10 percent after Reuters reported that China’s central bank had accepted an application from Ant Group, a subsidiary of China’s e-commerce giant, to set up a financial holding company.
United States Steel Corp rose 7.3 percent after publishing an optimistic forecast for the second quarter.
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