Biden takes NO blame for historic inflation - because it was 'already here when I got here, man': President claims he inherited 'difficult' economy from Trump and turned it around in victory lap speech over the 517,000 jobs added in January

 President Biden said he takes no blame for the U.S.'s hot inflation figures, he said in remarks Friday, arguing prices were on the rise when he took office. 

Refusing to answer any questions on the Chinese spy plane flying over Montana, Biden told reporters he would only answer questions on January's job numbers, because 'otherwise you guys won't cover it.' 

He replied with an emphatic 'no' when asked if he took any accountability for the price rises under his presidency. 'It was already there when I got here, man.'

'Remember what the economy was like when I got here? Jobs were hemorrhaging. Inflation was rising. We weren't manufacturing the damn thing here. We were in real economic difficulty.'

Inflation in January 2021 when Biden took office was 1.4 percent. The latest December figures were 6.5 percent, down from a June 2022 peak of 9 percent. 


Joe Biden reportedly wanted to shoot the balloon down but was advised not to by military chiefs

America´s employers added a robust 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve´s aggressive drive to slow growth and tame inflation with higher interest rates 


America´s employers added a robust 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve´s aggressive drive to slow growth and tame inflation with higher interest rates.

The unemployment rate dipped to 3.4 percent, a new half-century low, due to part to gains following the height of COVID in 2020-22. The pandemic, now on its third year, originally roiled the global markets, redefined the map of the U.S. economy - moving from coastal cities - and indelibly reshuffled its workforce.

Friday´s government report added to the picture of a resilient labor market, with low unemployment, and relatively few - although dramatic - layoffs, primarily in tech and media even as most economists foresee a recession nearing. 

Markets dipped following the report, with the Dow Jones Industrial Average down around 200 points.  

Though good for workers, employers´ steady demand for labor has also helped accelerate wage growth and contributed to high inflation.

January´s job growth, which far exceeded December´s 269,000 gain, could raise doubts about whether inflation pressures will ease further in the months ahead. 

The Fed has raised its key rate eight times since March to try to contain inflation, which hit a four-decade high last year but has slowed since then.

Companies are still seeking more workers and are hanging tightly onto the ones they have. Putting aside some high-profile layoffs at big tech companies like Microsoft, Google, Amazon and others, most workers are enjoying an unusual level of job security even at a time when many economists foresee a recession approaching.



For all of 2022, the economy had added a sizzling average of 375,000 jobs a month. That was a pace vigorous enough to have contributed to the painful inflation Americans have endured, the worst such bout in 40 years. 

A tight job market tends to put upward pressure on wages, which, in turn, feed into inflation.

Leisure and hospitality saw the largest growth last month, accounting for 128,000 new jobs. Professional and business services added 82,000, government, 84,000, and health care 58,000.

Wage gains were in line with predictions - growing about 0.3 percent last month and up 4.4 percent over the last year. 

After a Federal Reserve meeting on Wednesday, Chair Jerome Powell said the labor market remains 'extremely tight' and is still 'out of balance.' 

After for years focusing on low unemployment with a higher tolerance for price rises, the Fed has over the past few months switched gears to try to target inflation while allowing the job market to cool. Powell has warned American consumers there would be 'some pain' to the economy associated with bringing prices down. 

Biden takes NO blame for historic inflation - because it was 'already here when I got here, man': President claims he inherited 'difficult' economy from Trump and turned it around in victory lap speech over the 517,000 jobs added in January Biden takes NO blame for historic inflation - because it was 'already here when I got here, man': President claims he inherited 'difficult' economy from Trump and turned it around in victory lap speech over the 517,000 jobs added in January Reviewed by CUZZ BLUE on February 03, 2023 Rating: 5

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