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President Biden on Friday hailed the latest jobs report as proof that the US economy is strong, although he acknowledged that record high inflation and gas prices are still wreaking havoc on many families’ budgets.
“It’s undeniable that high prices for gasoline and food in particular are a real problem for people,” said Mr. Biden, of the resort town of Rehoboth Beach, Delaware. “But the American people have every reason to be confident that we will meet these challenges because of the tremendous progress we have made in the economy.”
Employers added a healthy 390,000 jobs in April, while the unemployment rate remained unchanged at 3.6%, the Labor Department reported on Friday.
The president dismissed comments from Tesla CEO Elon Musk, who said he plans to cut 10% off the job at the automaker because he has a “super bad feeling” about the economy.
“Good luck on the moon trip,” said Mr. Biden, referring to higher capital expenditures from automakers Ford and Chrysler.
Inflation remains voters’ top concern, particularly due to high gasoline and grocery prices. Consumer prices rose 8.3% year-on-year in April, approaching the highest level in 40 years.
The Governors of the Republic Association said that the employment report for May revealed that “less employment growth and employment has stopped compared to April”.
“As the Biden administration ignores skyrocketing inflation and the American energy crisis, employers and small business owners are left with no choice but to compromise hiring to keep the lights on,” said Jesse Hunt, RGA Communications Director. “Small businesses are the cornerstone of a strong economy, and Joe Biden’s neglect of hardworking Americans is further proof that the economy will continue to be hit by his inaction and incompetence.”
The president once again blamed Russian President Vladimir Putin’s invasion of Ukraine for raising prices despite rising gasoline and other consumer costs before the start of the war in February. Mr. Biden has appealed to Congress to help lower costs for families on other fronts, such as prescription drugs and electricity bills, by passing the proposed law.
“I am doing everything I can on my own to help working families during these high prices,” Biden said. “Congress needs to act, too.”
He dismissed criticism from the GOP that the trillions in new spending contributed to higher inflation, pointing to projections that the federal deficit will fall by $1.7 trillion this year.
Mr Biden said his financial record is much better than that of former President Donald Trump.
“My friends on the Republican side like to picture me as a big spender. Let’s look at the facts,” said Mr. Biden. “Under my predecessor, the deficit exploded, increasing every year he was in office. According to my plan, we are on track to reduce the federal deficit by $1.7 trillion this year. Unlike my predecessor, the deficit has narrowed in every two years I’ve been here. My plans are the strongest, most powerful Americans have ever experienced. led to the fastest and most widespread economic recovery.”
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