Biden Touts ‘Highest Economic Growth in Nearly 40 Years’ and Claims That Inflation Was ‘Expected,’ Will Only Be ‘Temporary’

President Joe Biden today gave a speech where sought to tamp down concern about spiraling prices that threaten to dent the US economic recovery, saying the current inflation was “expected” and will only be “temporary.”

In a tweet, Biden touted the “Highest economic growth in nearly 40 years” while insisting in his speech that one of the best ways to keep the American economy on track was for Congress to greenlight additional federal spending in the form of a major bipartisan infrastructure package, which faces a looming deadline this week in the US Senate.

We are six months into my administration, and the U.S. economy is experiencing the highest economic growth in nearly 40 years.

— President Biden (@POTUS) July 19, 2021

Biden suggested that with his administration’s vaccination push and his sweeping domestic agenda, which includes the injection of trillions of dollars into the economy, it will “take the pressure off of inflation” rather than increasing it and give a boost to the nation’s workforce.

Anti-Trump White House correspondent S.V. Date for the HuffPost wasn’t impressed by Biden’s speech, however, and in an article noted that “Biden Continues Tradition Of Taking Credit For A Good Economy — Regardless Of The Cause.”

“The president took a victory lap for economic growth that was almost certain to happen in an economy that had nowhere to go but up,” Date added.

Biden issued a series of tweets about what he views are his accomplishments thus far.

“When I took office, my Administration knew we needed a war-time effort to get America vaccinated – and to pass a powerful American Rescue Plan. We did both. Now, forecasters have doubled their projections of growth this year to about 7% or higher. The highest in nearly 40 years.”

When I took office, my Administration knew we needed a war-time effort to get America vaccinated – and to pass a powerful American Rescue Plan. We did both.

Now, forecasters have doubled their projections of growth this year to about 7% or higher. The highest in nearly 40 years.

— President Biden (@POTUS) July 19, 2021

“Folks, we can’t go back to the same old trickle-down theories that gave us nearly $2 trillion in deficit-financed corporate tax giveaways and did nothing to make our economy more productive or resilient. We need to grow this economy from the bottom up and the middle out.”

Folks, we can't go back to the same old trickle-down theories that gave us nearly $2 trillion in deficit-financed corporate tax giveaways and did nothing to make our economy more productive or resilient.

We need to grow this economy from the bottom up and the middle out.

— President Biden (@POTUS) July 19, 2021

“Since I took office six months ago, we’ve gone from 60,000 new jobs per month – to 60,000 every three days. That’s the fastest job growth at this point in any Administration in history.”

Since I took office six months ago, we’ve gone from 60,000 new jobs per month – to 60,000 every three days.

That’s the fastest job growth at this point in any Administration in history.

— President Biden (@POTUS) July 19, 2021

The IBTimes reported:

The global supply chain has faced challenges in getting back up to speed following the coronavirus pandemic, leading to price spikes on many products.

“Some folks have raised worries that this could be a sign of persistent inflation, but that’s not our view,” Biden said in a White House speech.

“Our experts believe, and the data shows, that most of the price increases we’ve seen were expected and are expected to be temporary.”

The Democratic president also said “no serious economist” is suggesting that unchecked inflation is on the way, although the White House remained “vigilant” against an extended rise in prices.

Biden’s effort at reassurance came as US stocks tumbled more than 2.5 percent by Monday afternoon amid resurgent Covid-19 fears and worries about inflation pinching global growth.

Biden stressed that while ups and downs are expected, the overall state of the economy is healthy.