President Biden insisted that the U.S. economy is uniquely positioned to fight inflation in a speech at the Port of Los Angeles on Friday.
The remarks come hours after the Bureau of Labor Statistics (BLS) announced that the Consumer Price Index (CPI) had increased by 8.6 percent in May compared to the same month in 2021, the highest year-over-year increase since December 1981. The BLS found major increases in the prices of food, while the national average price of gas hit $4.99 per gallon on Friday, according to AAA.
Biden, however, said the U.S. economy is strong enough to weather inflation.
“Look, because of the strong foundation we’ve built, we’re better positioned despite [sic] any country in the world to overcome the global inflation we’re seeing,” Biden said towards the end of the speech, adding later, “I count recovery as going from where we are today in terms of the economy, to stability, to make it stable. It is strong as can be but for inflation, but for gas and food.”
Earlier in the remarks, Biden touted an unemployment rate of 3.6 percent in May.
“The job market is the strongest it’s been since World War II notwithstanding the inflation. We added another 390,000 jobs last month,” Biden noted.
“Since I took office, families are carrying less debt on average in America. They have more savings than they’ve had. And we’re doing it all by cutting the federal deficit by $1.7 trillion this year and $320 billion last,” Biden said. “If I hear one of my MAGA friends once again talk about debt and deficits—I, eh, I’m gonna be good. They increased the deficit by $2 trillion bucks, anyway, that’s another story.”