Biden Takes Credit for US Economic Success, Rejects Blame for Inflation Crisis
By On Friday morning, President Joe Biden spoke to the media, asserting that he takes no blame for the current inflation crisis in the United States.[0] This comes as the US economy added 517,000 jobs in January, more than doubling economists' expectations.[1] The unemployment rate also fell to a 54-year low of 3.4%.[2]
Biden was keen to stress the accomplishments of his economic plan, citing the 12 million jobs created since his presidency began and the lowest unemployment rate since 1969.[3] He also pointed to the Consumer Price Index’s June peak of 9.1% and the current rate of 6.5% as evidence that inflation is gradually trending downwards.[4]
However, when asked if he took any blame for inflation, Biden strongly rejected the suggestion: “No. Because it was already there when I got here.”[2] The President further outlined the dire economic state he inherited from the Trump administration and how his plan has worked to reduce unemployment and increase wages for lower and middle-income workers.
The President is set to deliver his State of the Union address before Congress next week, and the positive jobs report comes at an opportune time.[5] Biden is expected to use the address to prove the success of his economic policies, while also urging members of Congress to stay the course.
The Federal Reserve has raised its key rate eight times since March to try to contain inflation, and on Wednesday they voted to raise it again by a quarter of a point.[5] Despite this, wage gains were in line with predictions, increasing by 0.3% last month and 4.4% over the last year.[6]
Overall, the US economy is continuing to hum along, and President Biden is taking a victory lap, claiming that his economic plan is working.[7]
0. “President Joe Biden Takes No Blame for Inflation” Watcher Guru, 3 Feb. 2023, https://watcher.guru/news/president-joe-biden-takes-no-blame-for-inflation
1. “Rocked by inflation, most don't share Biden Administration economic optimism” FOX 2 Detroit, 3 Feb. 2023, https://www.fox2detroit.com/news/rocked-by-inflation-most-dont-share-biden-administration-economic-jobs-optimism
2. “Biden claims inflation ‘was already there when I got here,' says he takes no blame” Fox Business, 3 Feb. 2023, https://www.foxbusiness.com/politics/biden-claims-inflation-already-there-when-i-got-here-takes-no-blame
3. “This week in Bidenomics: Bragathon” AOL, 3 Feb. 2023, https://www.aol.com/week-bidenomics-bragathon-200637362.html
4. “Unemployment falls in January: What did President Biden say about the jobs report?” AS USA, 3 Feb. 2023, https://en.as.com/latest_news/unemployment-falls-in-january-what-did-president-biden-say-about-the-jobs-report-n/
5. “Biden on robust jobs numbers: The ‘critics and cynics are wrong’” Yahoo News, 3 Feb. 2023, https://news.yahoo.com/biden-jobs-numbers-show-critics-160258247.html
6. “US adds 517,000 jobs in January – more than DOUBLING economists' expectations” Daily Mail, 3 Feb. 2023, https://www.dailymail.co.uk/news/article-11710187/US-adds-517-000-jobs-January-DOUBLING-economists-expectations.html
7. “Job report puts the wind at President Joe Biden´s back” Prensa Latina, 3 Feb. 2023, https://www.plenglish.com/news/2023/02/03/job-report-puts-the-wind-at-president-joe-bidens-back/
