Biden urged Congress to take action to reduce inflation

Biden urged Congress to take action to reduce inflation

President Joe Biden said Thursday that the nation’s economic growth is slowing, even though it reached historic levels last year and that all the private-sector jobs lost during the pandemic have been restored.

Biden stressed that the Federal Reserve is taking steps to reduce inflation.

“Our labor market remains historically strong, with an unemployment rate of 3.6 percent and more than a million jobs created in the second quarter alone,” the White House said in a statement. – Consumer spending continues to rise.”

The president said that earlier this week he met with the chairman of South Korea’s SK Group, one of the companies that has invested more than $200 billion in American manufacturing since he took office.

The White House chief stressed that this has contributed to a historic recovery in U.S. manufacturing.

“My economic plan is focused on lowering inflation without abandoning all the economic gains we’ve made,” the president summarized. – “Congress has a historic chance to do so by passing without delay the Chip and Science to Stimulate U.S. Computer Chip Manufacturing and the Inflation Reduction Act.