(PatriotNewsDaily.com) – President Biden on Friday celebrated the U.S. job growth while also claiming that he bore no responsibility over inflation, which he claimed ‘was already there when I got here.’
In January there were 517,000 jobs added to the U.S. economy. This number was more than double the expected growth for that month.
President Biden, while noting the success and job growth in the country was asked by a reporter whether he took any responsibility for inflation. Biden quickly responded that he did not.
He continued on to say that it was important to remember how the economy had been when he first took on his position. He added that there was rising inflation, “jobs were hemorrhaging” and even manufacturing had essentially disappeared. He added that it was an incredibly difficult period economically which is why he now did not take any responsibility for inflation.
In January 2021, when President Biden first took office, the consumer price index had been at 1.4 percent. However, close to two years later, in December 2022, the inflation rate had gone up to 6.5% year over year. According to a Heritage Foundation analysis of prices and interest rates the average American household had over the past year lost around $7,400 from their annual income.
Over the past year, in an effort to curb the high inflation rates, policymakers have agreed to increase the interest rates seven times, bringing the current rates somewhere between 4.25 percent and 4.5 percent.
Despite these measures, inflation remains high, even though job growth in January was impressive.
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