Inflation in the US soars to its 13-year high 1:51
(CNN) -
President Joe Biden directly addressed inflation concerns when he launched into his broad infrastructure agenda and targeted his critics as he highlighted six months of economic growth under his administration.
Biden tried to quell inflation fears by arguing that recent price increases are temporary.
“As our economy recovers strongly, we have seen price increases.
Some people have expressed concern that this could be a sign of persistent inflation.
That is not our opinion.
Our experts believe, and the data shows that most of the price increases that we have seen were expected and expected to be temporary, "Biden said during remarks in the White House State Dining Room.
Inflation is increasing in the US for these reasons 1:16
“The reality is that you cannot turn the global economic light back on and not wait for this to happen.
As demand returns, there will be challenges in the global supply chain, "the president said, citing price spikes with semiconductors, lumber and the hotel industry, all disruptions he described as" temporary. "
However, Biden said his administration takes the threat of inflation seriously.
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“My administration understands that if we were ever to experience uncontrolled long-term inflation, that would present a real challenge to our economy.
So while we are sure that is not what we are seeing today, we are going to stay tuned for any response that is needed, "Biden said.
Biden's infrastructure agenda
He described his broad infrastructure agenda, which is making its way through the Capitol on two separate tracks, as a "force to achieve lower prices for Americans."
And as negotiations over bipartisan infrastructure ran into some roadblocks, including disagreements over how to pay for the proposal, Biden tried to remind his colleagues in Congress that an agreement had been reached.
"The bipartisan infrastructure framework, by which we shook hands, we shook hands," he said.
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Biden highlighted economic progress against the pandemic, directly quoting his predecessor, former President Donald Trump, who warned during the 2020 campaign of a "depression like we've never seen" if Biden were elected.
Instead, a day before he was 6 months into office, Biden said he "recovered this economy that was on the edge of the abyss."
“Friends, it turns out that capitalism is alive and well.
We're making great progress in making sure it works the way it's supposed to, for the good of the American people.
So despite all those doom and gloom predictions six months later, this is where we find ourselves: record growth, workers getting hard-earned breaks, "he said.
The US economy added 850,000 jobs in June, the highest growth since August
Rescue and vaccination plan
The president publicized his American Rescue Plan, which he said was designed to help support the citizens of his country "over the course of a full year and beyond," including the expanded child tax credit, which began to roll out. bank accounts last week.
Biden also appealed to Americans to get vaccinated as the delta variant spreads, cases increase and the rate of vaccination slows.
“Please get vaccinated, get vaccinated now.
It works, it's safe, it's free, it's convenient, "he said.
InflationJoe Biden