President Joe Biden used his Monday remarks on renominating Jerome Powell as Federal Reserve chairman to claim that the United States’s post-pandemic economic recovery has been the strongest of any nation in the global community.
“Don’t get me wrong, we still have a long way to go,” the president stated while delivering a speech from the White House. “But if you’re looking at all the facts, all the facts, you can only come to one conclusion: We’ve made enormous progress in this country.”
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Biden cited the “record new job growth” that his first 11 months in office have produced, a “dramatic drop in the unemployment rate,” a “record rate” of Americans starting new small businesses, and rising wages.
“I’m proud to say if you look at my presidency so far, it’s a jobs presidency, and it’s a small business presidency,” he continued. “That’s the story that should give us confidence about the economy that we’re building. Confidence in our self-confidence in the future.”
Biden specifically noted that “even after accounting for inflation” and despite rising prices, “America’s the only major economy, the only one in the world where the economy is bigger today, and families have more money in their pockets today than before the pandemic hit.”
The president further claimed that “no entity plays a more important role in navigating” inflation “than the Federal Reserve” and that he believes Powell “is the right person to see us through, finish that effort, while also addressing the threat of inflation that it poses to our families and to our economy.”
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You can watch Biden’s remarks in their entirety below.
