He made the remarks in a 30-minute sit-down interview – his first formal sit-down since February, when he talked to NBC and called interviewer Lester Holt a “wise-guy” over his inflation remarks.
This time, he said a recession is not inevitable and bristled at allegations by Republican lawmakers that last year’s COVID-19 aid plan was wholly to blame for inflation reaching a 40-year high, calling that claim “bizarre.”
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He spoke to the Associated Press days after the Federal Reserve Board of Governors declared a 0.75 percent interest rate hike, amid a volatile week on Wall Street and a correction that has erased gains built up throughout his tenure.
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As for the overall American mindset, Biden stated, “People are really, really down.’
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“They´re really down,” he announced. “The need for mental health in America, it has skyrocketed, because people have seen everything upset. Everything they’ve counted on upset. But most of it’s the consequence of what’s happened, what happened as a consequence of the COVID crisis.”
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The interview signaled a new attempt to get his economic message out.
In May, he lunched with New York Times columnist Thomas Friedman, though it was off the record.
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Biden further addressed the warnings by economists that the United States could be headed for a recession.
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“First of all, it’s not inevitable,” he stated. “Secondly, we´re in a stronger position than any nation in the world to overcome this inflation.”
The President stated he saw a reason for optimism with the 3.6% unemployment rate and America´s relative strength in the world.
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“Be confident, because I am confident we´re better positioned than any country in the world to own the second quarter of the 21st century,” Biden announced. “That’s not hyperbole, that’s a fact.”
He gave the interview on a day he signed new shipping legislation that he stated would help deal with record price increases.
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“This bill's going to help bring down inflation, at least marginally,” he stated, after complaining regarding a handful of conglomerates who dominate the industry and enjoyed $190 billion in profits last year.
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“These carriers made $190 billion in profit in 2021, seven times higher than the year before,” he announced. “The cost got passed on, as you might guess, directly to consumers, sticking it to American families and businesses because they could.”
That followed a letter to oil companies Wednesday where he pointed out gas prices are above where they were last time oil prices were at the current level – and his press secretary explained it was their “patriotic duty” to make more of the product.
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