President Biden addressed reporters today to discuss the latest jobs report showing that employment has fallen to 3.4 percent, a significant recovery falling the mass unemployment during the COVID-19 pandemic.
While the president took questions from reporters, he was asked if takes any responsibility for the high rate of inflation that has weighed on Americans the last few years.
“Do I take any blame for inflation? No. Because it was already there when I got here, man. Remember what the economy was like when I got here?”
President Biden at a White House press conference
When President Biden took office, the inflation rate was only 1.4 percent. But since taking office, the consumer price index has drastically increased. Last year, the annual inflation rate was 6.5 percent. In 2021, the annual inflation rate was 7.1 percent.
Our nation’s recent stretch of rampant inflation is due to several factors including the consequences of supply-chain disruptions from COVID-19 and the actions of the Federal Reserve. But one of the biggest factors of high inflation is the enormous spending from the government that has been enacted under the direction of President Biden.
The federal government has increased the national debt by $4,000,000,000,000 over just the last two years, which has been a huge factor towards the high inflation that makes everyday products at the grocery store more expensive. But modern monetary theory, the idea that the government can continue to spend large amounts of money without consequences, has proven to be an ineffective strategy at making the American economy as strong as it can be.
The White House has continually denied the economic woes that impact everyday Americans. The Biden administration has downplayed concerns about the high grocery store and gas prices over the last two years, and they also denied the economic fact that our country is in a recession. As long as the White House continues to acknowledge these issues, it is unlikely that the economic troubles happening across the country will be relieved anytime soon.
