White House press secretary Karine Jean-Pierre claimed that President Biden made historic economic gains, which would assist the American people through these economic “challenges.”
She accused inflation - prices in May were 8.6% higher than a year earlier - the most significant increase since 1981 - of the COVID pandemic and Russian President Vladimir Putin’s war in Ukraine.
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“You know, with this price, high inflation coming, coming out every once in a generation, global pandemic, all of those things play a factor,” Jean-Pierre announced.
But, she claimed that America would bounce back under Biden.
“The American people are well-positioned to face these challenges because of the historic economic gains that we have made under this President in the last six months,” she stressed.
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Voters, though, don’t appear to be believing the White House claims. They consistently give Biden low marks for his handling of the economy.
The Administration has consistently blamed high prices of gas, food, and housing on Russia, referring to them as “Putin’s price hike.”
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“We’re not the only country dealing with what we’re seeing at the moment as it relates to inflation,” Jean-Pierre announced.
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The White House has struggled to reveal they have the problem well in hand.
There have been reports the Federal Reserve Board may shock buyers with a larger-than-expected 0.75-percentage-point interest rate increase at their meeting this week to fight those record inflation levels.
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The Fed raised rates by a half-percentage point last month, the first such growth since 2000, to a range between 0.75% and 1%. The Fed last raised rates by 0.75 percentage points at a meeting in 1994, which was done to fight inflation.
In the meantime, the S&P 500 closed in a bear market on Monday, down 3.9%. The S&P closed down over 20% from its January high - for the first time since 2020. The Dow Jones Industrial Average fell 2.8%, or roughly 875 points, while the tech-heavy Nasdaq Composite dropped 4.7%.
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Jean-Pierre announced the White House was watching the stock market closely.
“We’re watching closely. We know families are concerned about inflation in the stock market. That is something that the President is really aware of,” she said.
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Biden’s average approval rating on gas prices is roughly 30%. On inflation, it’s further roughly 30%.
“We know that higher prices are having a real effect on people’s lives,” Jean-Pierre stated. “We get that, and we are incredibly focused on doing everything that we can to make sure that the economy is working.”
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