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White House says Biden sparked a ‘historic economic BOOM’

The White House defended President Joe Biden’s economic record Monday as the country faced historic inflation, gas prices above $5 a gallon and the stock market plunge.

White House press secretary Karine Jean-Pierre argued that President Biden has made historic economic gains that would help the American people overcome these economic “challenges.”

She blames inflation – prices in May were 8.6% higher than a year earlier – the biggest increase since 1981 – to the Covid pandemic and to Russian President Vladimir Putin’s war in Ukraine.

“You know, with this price, high inflation that comes every generation, global pandemic, all those things come into play,” Jean-Pierre said.

But, she claimed, America would bounce back under Biden.

“The American people are well positioned to meet these challenges because of the historic economic gains we have made over the past six months under this president,” she noted.

The White House defended President Joe Biden's economic record as the country faced historic inflation, gas prices over $5 a gallon and the stock market plunge

The White House defended President Joe Biden’s economic record as the country faced historic inflation, gas prices over $5 a gallon and the stock market plunge

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However, voters don’t seem to believe the White House’s argument. They consistently give Biden low marks for his handling of the economy.

The government has consistently blamed Russia for high gas, food and housing prices, calling them “Putin’s price hike.”

“We are not the only country experiencing what we are currently seeing in terms of inflation,” said Jean-Pierre.

The White House is struggling to show that they have the problem well under control.

There are reports that the Federal Reserve Board could surprise buyers with a higher-than-expected 0.75 percentage point rate hike at its meeting this week to combat those record inflation levels.

Last month, the Fed raised interest rates by half a percentage point, the first hike since 2000, to a range between 0.75% and 1%. The Fed last raised interest rates by 0.75 percentage point at a meeting in 1994 to combat inflation.

Meanwhile, the S&P 500 closed in a bear market Monday, down 3.9%. The S&P closed more than 20% lower from its January high — the first since 2020. The Dow Jones Industrial Average fell 2.8%, or about 875 points, while the tech-heavy Nasdaq Composite fell 4.7%.

Jean-Pierre said the White House is keeping a close eye on the stock market.

“We are watching it closely. We know that households are concerned about inflation in the stock market. That’s something the president is really aware of,” she said.

Biden’s average approval rating for gas prices is about 30%. On inflation it is also about 30%.

“We know that higher prices have a real effect on people’s lives,” said Jean-Pierre. “We get that and we’re incredibly focused on doing everything we can to make sure the economy works.”

“We come from the strongest job market in US history. And that’s important, and it’s in large part due to the US bailout, which only the Democrats voted for and the Republicans didn’t vote for. And it led to this, this economic growth, this historic economic boom that we’re seeing now.’

She denied that the boom also led to historic inflation figures.

Congressional Republicans are hammering Democrats on the economy ahead of midterm elections this fall.

The Labor Department’s report on Friday found that the consumer price index rose 1 percent in May from the previous month, up 8.6 percent in 12 months.

The annual increase, driven by rising food and energy prices, was higher than economists had expected, surpassing the recent 8.5 percent peak reached in March, reaching levels not seen since December 1981.

Meanwhile, on Saturday, for the first time ever, a gallon of regular gas costs an average of $5 nationwide, according to AAA.

It was the 15th day in a row that the AAA value hit a record price, and the 32nd time in the past 33 days.

Democrats are concerned about the political climate five months after the election.

Traditionally, a presidential party loses seats in Congress in midterm elections.

Polls show Republicans prefer to retake the House, which will hamper Biden’s agenda.

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“The American people are well positioned to meet these challenges because of the historic economic gains we have made over the past six months under this president,” said White House press secretary Karine Jean-Pierre.

According to AAA, for the first time ever, a gallon of regular gas across the country will cost an average of $5 . on Saturday

According to AAA, for the first time ever, a gallon of regular gas across the country will cost an average of $5 . on Saturday

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Gas prices are up more than 55% from 12 months ago.

No other medium-term cycle has seen a rate of increase close to that five months before the election, according to one CNN analysis last week.

The closest was 37% in 2006 — a year in which the party that held the White House (Republicans) lost 30 seats in the House and control of the chamber.

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