“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” said President Biden.
He noted, however, that the economy faces global challenges, but “we are on the right path,” and “will transition stronger and more secure.”
“Our job market remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone. Consumer spending is continuing to grow,” he added.
The President said that he had met with “the Chairman of SK Group from Korea, just one of the companies investing more than $200 billion in American manufacturing.”
He also stated that since he took office, there has been significant improvement in the economy.
He said, “My economic plan is focused on bringing inflation down, without giving up all the economic gains we have made. Congress has an historic chance to do that by passing the CHIPS and Science Act and Inflation Reduction Act without delay.”
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Readers Bureau, Contributor
Edited by Jesus Chan
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