President Biden recognized on Monday that the US economy is in trouble and that it will be a long time before Americans get complete respite from rising costs and inflation.
Biden argued that a recession is not inevitable during a news conference in Japan following his meeting with Prime Minister Fumio Kishida, citing the US’s significant economic growth in comparison to other countries.
“Does that mean there aren’t any issues?” “We do,” responded the president. “We have problems, but they are less serious than those faced by the rest of the world due to our internal growth and strength.”
On the subject of recovery, Biden stated that it will be a long process.
The president’s remarks come as the United States faces a nearly 40-year high in inflation, which reached 8.3 percent in April. Gas prices have risen as a result, with an average of $4.596 a gallon on Monday. According to AAA, the average cost of petrol in several states is over $5, with California’s average cost slightly above $6.
The US and several other Western countries have shut off Russian oil and gas supplies, which the Biden administration has frequently blamed on Russian President Vladimir Putin’s invasion of Ukraine.
Despite the attempts to assign responsibility, many Americans remain skeptical.
According to a recent CBS News/YouGov survey, 69 percent of respondents feel the economy is fair to poor, and 56 percent disapprove of Biden’s performance as president.
Only 22% of Americans feel the economy is very good, moderately good, or tending toward good, according to a new Associated Press-NORC Center for Public Research poll. The economy was assessed as very poor, somewhat poor, or leaning toward poor by 78 percent of respondents.
Overall, only 21% of Americans say the United States is on the right track, according to the study.
Inflation and rising costs are still a major issue among Americans as the midterm elections approach.
