Biden admits that the US economy suffers from “problems” and warns of “distances”

President Biden acknowledged Monday that the US economy is in “problems” and that it will be a “burden” before Americans see full relief from inflation and price hikes.

During a press conference in Japan the following His meeting with Prime Minister Fumio KishidaBiden insisted he does not believe a recession is inevitable, noting that Major economic growth in the United States compared to other countries.

“Does that mean we don’t have problems? We have problems, but they are less important than the rest of the world because of our internal growth and strength.”

Regarding recovery, Biden said, “This is going to be a problem. This is going to take some time.”

While Biden said simply “no” to whether he believed a recession was inevitable, other members of his administration have not ruled out the possibility.

President Joe Biden speaks during a press conference with Japanese Prime Minister Fumio Kishida at Akasaka Palace, Monday, May 23, 2022, in Tokyo.
President Biden acknowledged on Monday that the US economy has “problems.”
AP Photo / Evan Vucci
President Joe Biden, left, attends a bilateral meeting with Japanese Prime Minister Fumio Kishida at Akasaka Palace, Monday, May 23, 2022, in Tokyo.
President Biden attends a bilateral meeting with Japanese Prime Minister Fumio Kishida at Akasaka Palace on Monday, May 23, 2022 in Tokyo.
AP Photo / Evan Vucci

“Well, there are always risks, but I think we are here,” National Economic Council Director Piran Des For CNN on Sunday. “Our economy is in transition from what was the strongest recovery in recent American history to a period that could be a period of more stable and resilient growth that works best for families.”

The president’s comments come at a time when the United States has been grappling with a record high inflation in nearly 40 years, hit 8.3% in April. As a result, gas prices rose, reaching an average $4,596 per gallon on Monday. Many states see an average cost of more than $5, while the average gas cost in California is just over $6, according to the AAA.

The Biden administration has repeatedly blamed Russian President Vladimir Putin’s invasion of Ukraine as the catalyst for soaring prices — the United States and many other Western countries cutting off Russian oil and gas imports.

President Joe Biden meets with Japanese Prime Minister Fumio Kishida at Akasaka Palace, Monday, May 23, 2022, in Tokyo.
During a press conference in Japan following his meeting with Prime Minister Fumio Kishida, President Biden insisted he does not believe a recession is inevitable.
AP Photo / Evan Vucci

“You know, because of Putin’s war, we kind of got out a little bit, a little bit, because of the effect — the impact of Russian oil on Europe,” Biden said Sunday during his remarks about Hyundai’s investments in Georgia. in Seoul, South Korea.

Despite efforts to assign blame, many Americans are not convinced.

newly CBS News/YouGov Poll It found that 69% of voters think the economy is “fairly bad” or “very bad” while 56% oppose Biden’s job as president.

Japanese Emperor Naruhito, right, greets US President Joe Biden before their meeting at the Imperial Palace in Tokyo on Monday, May 23, 2022.
Japan’s Emperor Naruhito greets President Biden before their meeting at the Imperial Palace in Tokyo, Monday, May 23, 2022.
Saul Loeb / Pool Photo via AP

Another survey was done recently By Associated Press-NORC Center for Public Research You reported that only 22% of Americans think the economy is “very good”, “kinda good” or “tipped towards good”. And 78% described the economy as “very poor”, “somewhat poor” or “leaning towards the poor”.

Overall, the survey found that only 21% of adults think the United States is heading in the right direction.

Inflation and price hikes remain a major concern among Americans heading into the fall midterm elections.

President Joe Biden, center left, and Japanese Prime Minister Fumio Kishida, center right, meet at the Akasaka Palace Guesthouse in Tokyo on Monday, May 23, 2022.
Regarding recovery, President Biden said, “This is going to be a problem. This is going to take some time.”
David Mariwell / Pool Photo via AP

earlier this month, ABC News/Washington Post . survey It found that more than nine in 10 Americans — 94% — say they are concerned about rising prices, while only 28% say they “agree” with how Biden is handling the economy.

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