Biden faces rising inflation that is hurting shoppers as they buy daily essentials such as groceries and gas.
WASHINGTON — President Joe Biden delivered remarks Tuesday on his administration’s plan to curb rapidly rising inflation in the U.S., which has gone up despite job growth and signs of a strong economy.
The emphasis of Biden’s remarks focused on trying to contrast his plan with what Republicans have proposed.
The president specifically mentioned Florida Sen. Rick Scott and what Biden called an “ultra-MAGA” agenda.
Inflation has been felt by Americans at the grocery store and the gas pump, with shoppers regularly spending significantly more than they had been in previous years.
The U.S. national average price of gasoline has risen to $4.351 per gallon, the highest ever recorded, according to a tweet from Patrick De Haan, head of petroleum analysis at GasBuddy
This beats out the previous high of $4.350/gal on March 10. In some areas such as Southern California, a gallon of gas has cost upwards of $6 at times in recent months.
A 30-year mortgage comes with the highest interest rate since 2009, at the height of the great recession.
And stocks racked up more losses on Wall Street Monday, leaving the S&P 500 at its lowest point in more than a year.
The sell-off came as renewed worries about China’s economy piled on top of global financial markets already battered by rising interest rates.
Wall Street’s pullback followed a worldwide swoon for markets. Not only did stocks fall across Europe and much of Asia, but so did everything from old-economy crude oil to new-economy bitcoin. Bond yields and the price of gold also fell.
But despite rising inflation, the U.S. has been seeing steady job growth for the part year.
America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.
The economy’s hiring gains have been remarkably consistent in the face of the worst inflation in four decades. Employers have added at least 400,000 jobs for 12 straight months.
Last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.
The Associated Press contributed to this report.