On Monday, the White House shared that it is adamant that Americans are well-equipped to face the economic storm with President Joe Biden’s efforts, despite fears of a recession and growing challenges in our country.
Press secretary Karine Jean-Pierre was asked about the White House’s reaction to an increasingly volatile stock market, which saw Biden’s gains get wiped away this year. She responded that they are closely monitoring it and looking out for any developments in economic policies.
“We know families are concerned about inflation and the stock market,” said the press secretary. “That is something that the President is really aware of.”
Jean- Pierre pointed out that the United States was not alone in its inflation situation as other countries also dealt with it in their own ways.
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Jean-Pierre said that the Russian invasion of Ukraine and the pandemic were factors to the inflation. She also believes while stock markets declined, Americans may be better positioned economically than before Biden was elected.
“The way that we see this is the American people are well-positioned to face these challenges because of the economic historic gains that we have made under this President in the last 16 months,” said the press secretary.
However, the situation is not looking good for Americans, with the unemployment rate still at 3.6%.
The recent rise in gas prices has caused a stir across the country. With average pump prices hitting $5 for the first time, consumer confidence reached its lowest level and inflation grew higher than anticipated yet again this year, making stocks plunge into bear market territory and investors growing nervous at prospect of harsh rates coming out of the Federal Reserve.
“We know that high prices are having a real effect on people’s lives,” said Jean-Pierre. “We get that, and we are incredibly focused on doing everything that we can to make sure that the economy is working for the American people. But we are coming out of the strongest jobs market in American history, and that matters. And a lot of that is thanks to the American Rescue Plan.”
The Treasury Secretary said that Biden’s $1.9 trillion plan contributed modestly to inflation, adding that gas prices rising would have been higher if he hadn’t taken action earlier with an authorized record release earlier this year.
President Joe Biden recently acknowledged he could do little to lower gas or food prices immediately.
“There’s a lot going on right now, but the idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to good,” said the President at the White House.
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White House Adamant That Americans Are Resilient Enough to Face Economic Crisis
