President Joe Biden shrugged off dire predictions regarding the consequences of his economic leadership as stocks tumbled amid concerns over inflation and the delta coronavirus variant.
“It turns out capitalism is alive and very well. We’re making serious progress to ensure that it works the way it’s supposed to work for the good of the American people,” Biden said Monday at the White House.
Biden claimed his administration had accelerated job growth, from creating 60,000 jobs per month to now reporting 60,000 jobs “every three days.”
“We brought this economy back from the brink. We designed our strategy not only to provide for a temporary boost but to lay the foundation for a long-term boom that brings everyone along,” he said.
But Biden’s rosy economic address was at odds with the Dow Jones Industrial Average plummeting almost 800 points, or 2.2%, on Monday. The S&P