The US continues to discuss the latest economic indicators. As inflation reached the highest levels of the last 31 years, it became the main agenda item of the public, and a statement came from President Joe Biden.
Biden, who wrote an article for immediate publication in which he evaluated the latest situation in the economy and shared it with the public, used the following statements regarding inflation and unemployment data:
“We received two economic news today highlighting that our recovery continues to progress, but that we still have more work to do before our economy returns to normal.
First, we learned that we had a six-week consecutive decline in new jobless claims. The number of workers who lost their jobs is at its lowest level since the pandemic began. Unemployment claims have dropped by 70% since I took office. America is going back to work.
And regarding inflation, today’s report shows an increase from last month. Inflation is hurting Americans’ wallets, and reversing this trend is my top priority.
The largest share of the price increase in this report is due to rising energy costs, and the price of natural gas has fallen in the few days since data for this report was collected.
I directed my National Economic Council to try to further reduce these costs and asked the Federal Trade Commission to take action against any market manipulation or price gouging in this industry.
I’m going to Baltimore today to highlight how the “Infrastructure Bill” (the $1 trillion package containing cryptocurrencies) will reduce these costs, reduce these bottlenecks, and make commodities more accessible and less costly.
I want to reaffirm my commitment to the Fed’s independence in monitoring inflation and take steps to combat it.
We are making progress in our recovery process. Jobs rose, wages rose, home values rose, personal debt fell, and unemployment fell. We have more work to do, but there is no doubt that the economy is continuing to recover and is much better today than it was a year ago.”
Biden also stated that a project pending before Congress was approved by an economist who won 17 Nobel prizes and that it would relieve inflationary pressures.
Biden’s determinations that the bill, which contains heavy provisions about cryptocurrencies (tax etc.) and passed by the parliament, will make a great contribution to the recovery of the USA.