As inflation remains dangerously high, Biden has urged Americans not to panic about the economy, even though he warned job growth may diminish considerably over the coming months.
Ordinary, hard-working Americans are struggling with the cost of living. Fuel and food prices are at a premium, and wages adjusted for inflation levels have decreased by 0.1 over the month. Real earnings have plummeted a further 2.6 percent despite hourly earnings being up by 5.5 percent.
In an article for Wall Street Journal yesterday, the president insisted he was sympathetic to the hardships Americans are facing across the country but said we should be prepared for even more economic slow-downs. Bizarrely, he attempted to suggest we shouldn’t be concerned about this:
“During this transition, growth will look different. We will likely see fewer record job-creation numbers, but this won’t be cause for concern,” Biden wrote.
“Americans are anxious. I know that feeling. I grew up in a family where it mattered when the price of gas or groceries rose. We felt it around the kitchen table.
“But the American people should have confidence that our economy faces these challenges from a position of strength.”
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Biden's inflation stuck at 40-year high, but of course it's not his fault, as the Whitehouse graph shows. pic.twitter.com/EtamnNbOj3
— Adaliab (@Adaliabcomcast1) April 12, 2022
He went on to say that America, after some of the highest inflation levels ever under Biden’s leadership, will now face a period of economic growth “faster this year than China’s economy since 1976” – which shouldn’t really be difficult, considering the financial mess the country is in at the moment.
“With the right policies, the U.S. can transition from recovery to stable, steady growth and bring down inflation without giving up all these historic gains,” he continued.
According to Biden, we have reached a kind of economic plateau, or perhaps a better term would be rock-bottom, whereby the economy will begin to stabilize, after which America will move into what he terms as the “next phase” of economic recovery:
“Rather, if average monthly job creation shifts in the next year from current levels of 500,000 to something closer to 150,000, it will be a sign that we are successfully moving into the next phase of recovery—as this kind of job growth is consistent with a low unemployment rate and a healthy economy.”
Look at this graph!
The blue line shows wages, the red line shows inflation. Since Joe Biden took office, every month Americans make less money.
— Republican Party of New Mexico (@NewMexicoGOP) May 12, 2022
He stressed that rising gas prices were down to Russia’s war in Ukraine, and encouraged Congress to pass the “clean energy and tax credits that I have proposed” which will see around $320 billion spent on clean energy and the war on climate.
Biden is sure the clean energy bill will help reduce bills for ordinary Americans because:
“A dozen CEOs of America’s largest utility companies told me earlier this year that my plan would reduce the average family’s annual utility bills by $500 and accelerate our transition from energy produced by autocrats.”
He concluded that he was open to suggestions from either Democrats or Republicans about how he should tackle America’s economic crisis.
“I will work with anyone—Democrat, Republican, or independent—willing to have an open and honest discussion that delivers real solutions for the American people.
“The economic policy choices we make today will determine whether a sustained recovery that benefits all Americans is possible.”
He’s going to need all the help he can get.