5 things: Debate erupts over Joe Biden's age 2:33
(CNN Spanish) --
The president of the United States, Joe Biden, was optimistic about the economy, despite the worst inflation the country has seen in decades, saying that his administration has made "extraordinary progress" and has laying the groundwork for a strong economy "once global inflation begins to recede."
"I truly believe that we have made extraordinary progress in laying a new foundation for our economy, which will become clear once global inflation begins to subside," Biden told union members and leaders at the American Federation of Labor and Labor convention. Congress of Industrial Organizations (AFL-CIO) in Philadelphia, warning that the Republican election could jeopardize that progress.
Inflation in the US rises at the fastest pace since 1981, pushed by the record price of gasoline
Biden placed much of the blame on the economic and job market situation he "inherited" from former President Donald Trump, saying the "deficit blew up" and did not leave a "very good situation," drawing loud applause from the public. .
The president again referred to certain Republicans as "ultra-MAGA" (loyal to Trump and his project) and took aim at Florida Republican Senator Rick Scott for proposing that all federal legislation expire in 5 years, saying it is an excuse to cut Social Security and Medicare.
Is Venezuela benefiting from the rise in oil prices?
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"Really ask yourself: how well are you going to sleep at night knowing that Ted Cruz and the other ultra-MAGA Republicans are going to vote on whether they have Social Security, Medicare, Medicaid?" Biden asked.
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"The bottom line is this: I truly believe that we have made extraordinary progress in laying a new foundation for our economy, which will be seen once global inflation starts to recede."
Biden also took issue with the notion that he is a "huge spender" and said he "doesn't want to hear any more of these lies" about what he called "reckless spending or changing people's lives."
In addition, he again placed much of the blame on the war launched by Russian President Vladimir Putin in Ukraine.
The price of gasoline in the United States is at record values.
Biden also acknowledged that this is the first AFL-CIO convention without its late former president Richard Trumpka, sharing that he promised Trumpka that he would be the most "pro-union" president in history.
historical inflation
Record gasoline prices pushed inflation to 8.6% in the 12 months ending in May, above April's pace, according to the latest Consumer Price Index, the government's core measure of inflation.
The core CPI (consumer price index) reading, which excludes volatile food and energy prices, posted a 6% rise in the same period, higher than the previous month.
Both readings are among the biggest price jumps experienced by consumers since 1981.
And it's not just energy that drives prices up.
Food rose 10.1%, the first double-digit increase since 1981. The housing index, which measures rents and other housing costs, rose 5.5%, the biggest gain in 12 months since 1991.
The high pace of inflation means the Federal Reserve will keep raising interest rates when it meets next week.
With information from Chris Isidore.
InflationJoe Biden