On Monday, the White House spoke of its confidence that Americans will be able to face the economic storm with Biden’s efforts.
Press secretary Karine Jean-Pierre said that the White House is closely monitoring the stock market, and they are aware that since Biden took office last year there has been a decline in its value.
“We know families are concerned about inflation and the stock market,” said the press secretary. “That is something that the President is really aware of.”
Jean Pierre pointed out that the United States was not alone in its inflation crisis as other countries were also dealing with high prices.
According to the Press Secretary, the Russian invasion of Ukraine and the pandemic contributed to the economic problems. Jean-Pierre also stated that the country is better prepared to handle the problems than before Biden’s presidency.
“The way that we see this is the American people are well-positioned to face these challenges because of the economic historic gains that we have made under this President in the last 16 months,” said the press secretary.
However, Americans are still feeling the negative effects of an economy in shambles, with unemployment rates at 3.6%.
A gallon of regular gas prices reached $5 for the first time, consumer confidence hit an all-time low and U.S inflation is growing higher than expected; stocks also plunged into a bear market making investors grow nervous at the prospect of harsh rates from the Federal Reserve – which could lead to more economic problems in America’s future.
“We know that high prices are having a real effect on people’s lives,” said Jean-Pierre. “We get that, and we are incredibly focused on doing everything that we can to make sure that the economy is working for the American people. But we are coming out of the strongest jobs market in American history, and that matters. And a lot of that is thanks to the American Rescue Plan.”
The Treasury Secretary says that without former Vice President Joe Biden’s $1.9 trillion plan, inflation would have been worse than expected and gas prices might’ve gone up even more.
The President spoke earlier this month, saying he could do little to make an immediate impact on lowering gas or food prices.
“There’s a lot going on right now, but the idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to good,” said the President at the White House.