‘Rosy outlook’ was presented two months before mid-term elections
Declaring the end of the pandemic… “There is no recession in the United States.”
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(Seoul = Yonhap News) Reporter Jang Jae-eun = US President Joe Biden is confident that his economy will land softly.
In an in-depth interview program ’60 Minutes’ on CBS broadcast on the 18th (local time), President Biden said, “I assure Americans that we will control inflation.”
Inflation is the biggest challenge to the US economy, and the Biden administration has repeatedly emphasized that controlling it is a top priority.
The US consumer price index (CPI) for August, which was released recently, came in at 8.3%, better than analysts had expected.
Core indices excluding energy and food, which are highly volatile, rose sharply, followed by analysis that inflation was more severe than expected and could last for a long time.
As a result, concerns have grown that the US Federal Reserve (Fed) could continue to tighten austerity measures, such as by significantly raising interest rates, which could lead to a sharp downturn in the economy.
But President Biden said the economy could make a soft landing.
“Basic living costs will be lower for everyone, energy prices will go down and things will be under control,” Biden said.
He referred to the fact that the CPI rose to 9.1% in June this year and then slowed, and that the unemployment rate in August was 3.7%, the lowest in history.
President Biden announced the end of the novel coronavirus (COVID-19) pandemic, big bad news for the US economy.
“We’re still struggling with COVID-19 and we’re still working hard, but the pandemic is over,” he said.
He said, referring to members of the public who attended a nearby exhibition without wearing a mask, “everyone appears to be in very good health.”
President Biden also insisted that the United States would not suffer a recession, saying that his policies would promote the general growth of new industries in the United States.
The US economy rebounded last year thanks to massive stimulus measures after negative growth in 2020 due to the COVID-19 pandemic, but is once again hampered by inflation.
According to the US Department of Commerce’s Bureau of Economic Analysis (BEA), the US economy grew -0.6% in the second quarter, following -1.6% in the first quarter of this year. Some experts believe that if economic growth is negative for two consecutive quarters, a recession has come.
Bloomberg noted that President Biden offered a great economic outlook with less than two months left before November’s midterm elections.
Biden said he would decide after the midterm elections whether he would run for a second term in the 2024 presidential election.
“It is too early to make that kind of decision,” he said.
jangje@yna.co.kr
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