Biden downplays inflation, touts economy as markets tumble

Joe Biden speaks about the nation's economic recovery amid the COVID-19 pandemic in the State Dining Room of the White House on in Washington, D.C. (Photo by Drew Angerer/Getty Images)

Joe Biden speaks about the nation’s economic recovery amid the COVID-19 pandemic in the State Dining Room of the White House on in Washington, D.C. (Photo by Drew Angerer/Getty Images)

OAN Newsroom
UPDATED 3:54 PM PT – Monday, July 19, 2021

Joe Biden continued to downplay massive inflation and touted a recovering economy as markets have nosedived. During a speech at the White House on Monday, Biden claimed capitalism was alive and well under his leadership.

He credited his American Rescue Plan for the increase of 60 to 600,000 new jobs per month, which some argued should have been attributed to eased lockdown restrictions. Biden said the economy was showing record growth despite negative predictions and insisted massive government spending would tamp down inflation.

“We’re making serious progress to ensure that it works the way it’s supposed to work, for the good of the American people,” he stated. “So, for all those predictions of doom and gloom six months in, here’s where we’re stand: record growth, record job creation, workers getting hard earned breaks.”

Biden added the U.S. needs the bipartisan infrastructure framework and his Build Back Better agenda in order to sustain economic growth.

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