President Joe Biden finds himself on the defensive over the economy, even as he presides over an emergence from the pandemic opening the spigots of job creation and growth.
Yet, when Biden spoke about the economy on Monday, he found himself fending off concerns about inflation and a plummeting stock market that served as a poor backdrop for what were supposed to be celebratory remarks.
“Some folks have raised worries that this could be a sign of persistent inflation,” Biden said at the White House. “But that’s not our view. Our experts believe, and the data shows, that most of the price increases we’ve seen are — were expected and expected to be temporary.”
“There’s nobody suggesting there’s unchecked inflation on the way — no serious economist,” Biden later said in response to a reporter’s question. “That’s totally different.”
Even the triumphant line that “capitalism is alive and very