President Joe Biden responded to critics who predicted the end of capitalism in the the United States once Biden was elected, saying “capitalism is alive and very well”. The video above shows parts of President Biden’s speech, which he delivered at the White House Monday morning.
“Before I took office, there was a lot of folks out there, a lot of folks out there making some pretty bold predictions about how things would turn out,” Biden said in the speech. “You might remember some of the predictions: that if I became president, we’d quote see a depression the likes of which we’ve never seen.”
Employers have added an average of nearly 543,000 jobs a month since January, with Federal Reserve officials anticipating overall economic growth of roughly 7 percent this year. That would be the highest rate of growth since 1984.
“So for all those predictions of doom and gloom, six months in, here’s where we stand. Record growth, record job creation, workers getting hard earned breaks,” Biden said. “Look, we brought this economy back from the brink and we designed our strategy not only to provide for a temporary boost, but to lay the foundation for a long term boom.”
While the economy is growing, there is also uncertainty. Employers say they’re struggling to find workers at the current pay levels, and inflation concerns have yet to fully subside.
Consumer prices climbed 5.4 percent for the year that ended in June. That’s the highest annual increase since August 2008. Higher inflation can erode the wages of workers and ultimately hurt economic growth.
“My administration understands that if we were to ever experience unchecked inflation over the long term, that would pose a real challenge to our economy,” Biden said. “So, while we’re confident that isn’t what we’re seeing today, we’re going to remain vigilant about any response that is needed.”
The president is pushing for more than $4 trillion in combined spending. But his $973 billion bipartisan infrastructure deal lacks a clear plan for how to pay for it. Meanwhile, his $3.5 trillion package focused on climate, schools and families needs backing from all 50 Senate Democrats to clear a party line vote.