President Biden will speak on the significant milestones of inflation and interest falling rates while the economy remains strong.
Biden Chief of Staff Jeff Zients told PoliticusUSA during a call with reporters:
President Biden is going to speak to a new milestone. Inflation and interest rates are falling at the same time, employment, wages and GDP are rising. I want to be really clear, this is not meant to be a declaration of victory. It’s meant to be a declaration of progress, significant progress.
The President believes it’s important to mark this moment, but the country by laying out how far we’ve come, while also outlining the work we still have to do from day one of this administration, there have been three pillars to the President’s economic playbook. First, the President delivered a historic response to a historic crisis.
When we came into office, we faced a once in a generation pandemic and an unprecedented shutdown of the economy, and there really was no plan or path forward in less than two months, the president devised and led a strategy and negotiated the most significant recovery package in decades, the American Rescue Plan, which delivered shots in arms, provided direct payments to families and businesses, prevented a wave of evictions and revved up job growth.
Second, the President acted quickly to address global inflation. As inflation increased around the world, caused by the pandemic, primarily broken supply chains and Russia’s war against Ukraine, President Biden took on the roots of the challenge. He worked with the private sector to untangle snarled supply chains, getting goods back on shelves again.
The President coordinated with all supplies and partners to address food and energy prices as a result of Putin’s decision to invade Ukraine, including historic releases of oil reserves to stabilize global energy markets. The President has always respected the Federal Reserve’s independence to bring down inflation. That’s a stark contrast to his predecessor. And you know, bottom line, this was a time that many economists predicted a recession was necessary to bring down inflation, and I think that the approach has proved them wrong. With a record 16 million jobs created historic job creation for black and brown workers and workers receiving higher paychecks now than they did in pandemic
Third, the President has really led and written a new economic playbook for the country that invests in all of America, all parts of America, red and blue, and all Americans. And that’s going to have an impact for decades to come.
The central piece here is to export American products, not American jobs, and to create good paying jobs right here at home. So he, the President, threw out the old economic playbook of exporting American jobs, importing foreign products, and in less than four years, the President has led, working with Congress, legislation to be passed that results in the biggest bipartisan investment infrastructure ever, invested in our roads, bridges, ports, trains and so much else, the largest climate investment in history, creating American jobs, driving clean energy, really our clean energy revolution across the country, with America leading the world in clean energy, tens of billions of dollars to build new chip factories, reversing America’s decades-long reliance on foreign countries for chips manufacturing, and after a half century of failed attempts negotiating with Medicare to lower prescription drug bills and capping insulin at $35 per month and prescription drug costs at $2,000 per year for seniors.
Biden Has Not Gotten Enough Credit For The Economy
One of the plausible reasons why Donald Trump is losing the election is that his gloom and doom about the economy is way over the top and not close to what Americans are feeling. The Biden administration understands that they are not taking a victory lap, but they are marking an important moment as it looks like the President has successfully navigated the nation through a pandemic and an economic recovery.
Biden’s job would not have been so difficult without Donald Trump’s mismanagement of the pandemic. Trump left Biden a literal mess. The White House was a COVID hotbed because Trump refused to have a mask mandate in the building.
Joe Biden brought the country back, and he deserves much more credit than he has received for his accomplishments.
Biden saved the economy and the country, and someday he will be appreciated.
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