President Joe Biden claimed that despite rising inflation eroding their purchasing power, some Americans are “better off” as a result of pay increases and rapid employment growth during his term. “Over 600,000 to 700,000 manufacturing jobs have been generated. In a media interview on Thursday, Biden remarked, “Things are moving.
Biden mentioned “people who are now in a position where the combination of pay raises and job security” had left them “better off, even with inflation, than they were before it,” in reference to a government report released on Thursday showing stronger than anticipated growth in US economic output in the third quarter.
And inflation is decreasing, he continued.
President Joe Biden’s approval ratings have suffered due to inflation, which has also put Democrats’ chances of keeping their slim congressional majorities in November at risk. Inflation has been at or around 40-year highs. Prior to the Nov. 8 midterm elections, polls indicate that the economy will continue to be the top concern for Americans. Biden has made an effort this week to highlight the economic successes of his administration by highlighting job creation, factory openings, and infrastructure development.
Increased costs for living are reducing wage increases and adding pressure on President Joe Biden as supply chains continue to be constrained by a lack of employees and raw materials, which amplifies price pressures.
The likelihood of a US recession within the next year has increased to 100%, according to the media, as the Federal Reserve keeps raising interest rates to fight chronic inflation.