President Joe Biden said job creation in the U.S. could drop significantly over the coming months as Americans increasingly struggle to make ends meet amid soaring inflation and skyrocketing gas and food prices.
In an op-ed piece in The Wall Street Journal, Biden put much of the blame on Russian President Vladimir Putin’s invasion of Ukraine.
“The global economy faces serious challenges. Inflation is elevated, exacerbated by Vladimir Putin’s war in Ukraine. Energy markets are in turmoil. Supply chains that haven’t fully healed are causing shortages and price hikes,” Biden wrote.
“Americans are anxious. I know that feeling. I grew up in a family where it mattered when the price of gas or groceries rose. We felt it around the kitchen table. But the American people should have confidence that our economy faces these challenges from a position of strength.”
But Biden, who has taken credit for job creation that some economists say is simply an economy recovering from the COVID-19 pandemic, said it’s time to “transition” to a phase that will produce lower job creation in order to reduce inflation.
“I ran for president because I was tired of the so-called trickle-down economy. We now have a chance to build on a historic recovery with an economy that works for working families,” Biden wrote. “The most important thing we can do now to transition from rapid recovery to stable, steady growth is to bring inflation down.”
“During this transition, growth will look different. We will likely see fewer record job-creation numbers, but this won’t be cause for concern. Rather, if average monthly job creation shifts in the next year from current levels of 500,000 to something closer to 150,000, it will be a sign that we are successfully moving into the next phase of recovery — as this kind of job growth is consistent with a low unemployment rate and a healthy economy,” Biden wrote.
Biden has been pointing the finger of blame at nearly everyone but himself. He has attributed soaring inflation to Russia’s invasion of Ukraine as he and fellow Democrats parrot the talking point that it’s “Putin’s price hike.” Biden has also laid the blame at the feet of what he has dubbed “Ultra-MAGA” Republicans.
The president also claimed, “I’ve done what I can on my own to help working families during this challenging time — and will keep acting to lower costs where I can — but now Congress needs to act too.” Biden called on Congress to “help right away by passing clean energy tax credits and investments” and urged lawmakers to move on his proposals to lower the cost of housing, prescription drugs and child and elder care.
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