<mediadc-video-embed data-state="{"cms.site.owner":{"_ref":"00000161-3486-d333-a9e9-76c6fbf30000","_type":"00000161-3461-dd66-ab67-fd6b93390000"},"cms.content.publishDate":1654271280194,"cms.content.publishUser":{"_ref":"00000162-07c3-d172-a563-4feb224a0001","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"cms.content.updateDate":1654271280194,"cms.content.updateUser":{"_ref":"00000162-07c3-d172-a563-4feb224a0001","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"rawHtml":"
var _bp = _bp||[]; _bp.push({ "div": "Brid_54271261", "obj": {"id":"27789","width":"16","height":"9","video":"1024568"} }); ","_id":"00000181-2a40-dedf-ad93-bf6374e50000","_type":"2f5a8339-a89a-3738-9cd2-3ddf0c8da574"}”>Video EmbedPresident Joe Biden welcomed “excellent” job growth data in remarks Friday, but he warned that inflation-targeting measures could slow “blockbuster” growth as his administration works to drive down price hikes.
“As we move to a new period of stable, steady growth, we should expect to see more moderation,” Biden said, a transition necessary to ease inflation, which is running at decade-highs.
“We’ve laid an economic foundation that’s historically strong, and now we’re moving forward to a new moment where we can build on that foundation to build a future of stable, steady growth, so we can bring down inflation without sacrificing all the historic gains we’ve made,” the president said. “There’s every reason for the American people to feel confident that we’ll meet these challenges.”
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The economy added 390,000 jobs last month, according to Friday’s job growth data, the weakest since last year. The unemployment rate stayed at 3.6% in May, the lowest level in decades.
Meanwhile, April’s consumer price hike of 8.3% year over year eclipsed wage gains of 5.2%, showing evidence of falling purchasing power for people in the United States.
Declining real wage growth is a concern for the administration heading into the midterm elections, with inflation taking a bigger bite out of people’s pocketbooks.
Biden acknowledged the costs and said his administration was working to lower everyday consumer prices for gas and goods.
“There’s no denying that high prices, particularly around gasoline and food, are a real problem for people. But there’s every reason for the American people to feel confident that we’ll meet these challenges,” Biden said.
The president’s remarks come as some analysts raise concerns about the potential for an economic recession.
Earlier this week, Biden warned that the pace of job growth could slow as a result of efforts to bring down inflation, which he called his “top economic priority.”
In a Wall Street Journal op-ed Monday, the president said curtailing inflation is now “the most important thing we can do” to transition “from rapid recovery to stable, steady growth is to bring inflation down.”
“Americans are anxious. I know that feeling,” Biden added. “I grew up in a family where it mattered when the price of gas or groceries rose.”
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
The White House is leading an anti-inflation messaging push throughout the month.
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