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“The United States is the only major economy, the only one in the world, where the economy is bigger today and families have more money in their pockets than before the pandemic,” President Joe Biden said Monday.
Biden assured that the economy remains stable despite inflation. “None of our competitors internationally can say that. None of them,” he said.
During a meeting with the press, the president highlighted the effectiveness of the vaccine and said that this has allowed the return to normalcy and economic development in the United States. “It is a testament to the economic policies we fought so hard to pass and implement,” he said.
Biden Administration Inflation
Biden’s remarks come amid rising inflation. Last month, the New York Fed said that short and medium-term inflation expectations remain elevated, with one-year inflation expectations registering a new “series high” since the New York Fed began tracking inflation expectations in the SCE in 2013.
According to the results of the survey, which analyzes data from approximately 1,300 households nationwide, respondents expect overall price increases of 5 percent in the next calendar year, a figure that drops slightly to 4 percent when asked about their inflation expectations over the next three years.
In addition, year-on-year inflation experienced the steepest increase in more than 30 years soaring to 6.2% in October; prices consumers pay for gasoline rose 6.1% last month and are up 49.6% in a year.
Real wages have also been hurt by the Democratic administration’s economic policies, declining by 0.5% due to inflation and the loss of purchasing power of the dollar.