President Joe Biden spoke with the media today, assuring that he takes no blame for inflation which was at 1.4% when he first began his presidential term. Employers added 517,000 jobs in January, according to figures reported by the Bureau of Labor Statistics on Friday morning. The economy has created 12.1 million new jobs since Biden took office, the most of any president on record. The current unemployment rate of 3.4% is the lowest it has been since the post-World War II boom of the 1950s.
When Biden assumed office, inflation was at a meager 1.4 percent. By the end of 2021, the percentage had gone up five times, reaching 7%, and eventually reaching 9% a few months later. In December, the Consumer Price Index saw a steady decrease in inflation, dropping from its June high of 9.1 percent to 6.5 percent. In an effort to reduce inflation to the Federal Reserve's target range of 2%, Jerome Powell and the Fed raised interest rates by a quarter of a percent this Wednesday, making it the eighth consecutive rate hike.
Joe Biden commended the report as proof that the economy is still going strong, and this number is expected to reduce criticisms from the GOP regarding the government's expenditure plans. The president noted the unemployment rate was at its lowest point in 54 years, and that job growth since he took office was the strongest two-year period in history. Since July 2021, wage growth has been at its slowest annual rate, although it remains significantly higher than prior to the pandemic.
When the president took office, unemployment had increased drastically due to the Covid-19 pandemic, but he managed to lead the country through a period of recovery as many of the virus-induced job losses were reversed. Biden noted that the unemployment rates for Black and Hispanic Americans are “near record lows” and that the unemployment rate for people with disabilities is “the lowest ever recorded” and the “lowest ever in history.”
At the beginning of his prepared remarks from the White House, Biden said, “Next week, I will be reporting on the State of the Union. But today, I´m happy to report that the state of the union and the state of our economy are strong.
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