US President Joe Biden opens up, says rising inflation major challenge of his administration
United States President Joe Biden has described the rising inflation “hurting” families across the country as the major challenge of his administration.
Biden, who said this in his remarks at the White House briefing on Tuesday, blamed high inflation on pandemic disruptions to the economy and Russia’s military operations in Ukraine, acknowledging that the rising prices are “hurting” American families ahead of the November midterms.
Biden again criticized Republican tax and economic proposals, saying his plans to fight inflation will lower costs while the GOP seeks to raise taxes on many Americans and “let companies off the hook.”
He said, “And I see — and as I see it, everything — everything across the country is — as I go across the country, our economy has gone from being on the mend to on the move.
“But for every worker I met who’s gained a little bit of breathing room to seek out a better-paying job, for every entrepreneur who’s gained the confidence to pursue their small-business dreams, I know that families all across America are hurting because of inflation.”
Speaking further he said, “I understand what it feels like. I come from a family where when the pr- — when the price of gas or food went up, we felt it. It was a discussion at the kitchen table.
“I went — I want every American to know that I’m taking inflation very seriously and it’s my top domestic priority,” he said.
Biden said, “And I’m here today to talk about solutions. And there’s going to be more we’re going to have to talk about as well.
“But first, I want us to be crystal clear about the problem.
“There are two leading causes of inflation we’re seeing today. The first cause of inflation is a once-in-a-century pandemic. Not only did it shut down our global economy, it threw the supply chain and demand completely out of whack, especially in countries where more effective recovery responses weren’t available, especially in those sectors that rely on semiconductors.
“These supply challenges have been further hampered by the onset of Delta and Omicron viruses. And you’ve all seen it and you’ve all felt it.
“And this year we have a second cause — a second cause: Mr. Putin’s war in Ukraine.
“You saw — we saw in March that 60 percent of inflation that month was due to price increases at the pump for gasoline.
“Putin’s war has raised food prices as well, because Ukraine and Russia are two of the world’s major breadbaskets of — for wheat and corn — are, essentially, completely stalled,” the US President opened up.
