White House press secretary Karine Jean-Pierre audibly sighed as she defended President Joe Biden’s economic stewardship, saying he and his administration are “incredibly focused” on the economy.
Jean-Pierre was confronted Monday about the latest discouraging economic data, including the sliding stock market and persistent inflation, which have become major drags on Biden’s job approval rating in an election year.
Inflation is currently running at a 41-year high, with gasoline and food prices especially high. The S&P 500 fell into bear market territory on Monday morning. Interest rates are set to rise. The Nasdaq index is now down more than 31% from the start of the year. The Dow Jones Industrial Average has not yet entered a bear market, but it was down about 2.5% on Monday and 16.3% since the start of the year.
That’s when Jean-Pierre defended Biden’s handling of the economy, crediting the nearly $2 trillion American Rescue Plan with recent growth and job creation. She noted that not a single Republican in Congress voted for the measure, which was passed through the reconciliation process to avoid a Senate filibuster or GOP input.
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