White House says Biden has sparked ‘historic economic BOOM’ as Dow plunges into bear market amid record inflation, high gas prices and recession fears: Claims Americans ‘are well positioned to face these challenges’ thanks to the President

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The White House defended President Joe Biden‘s economic record on Monday as the nation experienced historic inflation, gas prices over $5 a galloon and the stock market dropping.

White House press secretary Karine Jean-Pierre argued President Biden actually made historic economic gains, which would help the American people go through these economic ‘challenges.’

She blamed inflation – prices in May were 8.6% higher than a year earlier – the greatest increase since 1981 – on the covid pandemic and on Russian President Vladimir Putin‘s war in the Ukraine.

‘You know, with this price, high inflation coming, coming out every once in a generation, global pandemic, all of those things play a factor,’ Jean-Pierre said.

But, she argued, that America would bounce back under Biden.

‘The American people are well positioned to face these challenges because of the economic historic gains that we have made under this president in the last six months,’ she noted.

Voters, however, don’t seem to be buying the White House argument. They consistently give Biden low marks for his handling of the economy.

The administration has consistently blamed high prices of gas, food and housing on Russia, referring to them as ‘Putin’s price hike.’

‘We’re not the only country dealing with what we’re seeing at the moment as it relates to inflation,’ Jean-Pierre said.

The White House has struggled to show they have the problem well in hand.

There have been reports the Federal Reserve Board may surprise buyers with a larger-than-expected 0.75-percentage-point interest rate increase at their meeting this week to combat those record inflation levels.

The Fed raised rates by a half-percentage point last month, the first such increase since 2000, to a range between 0.75% and 1%. The Fed last raised rates by 0.75 percentage point at a meeting in 1994, which was done to combat inflation.

Meanwhile, the S&P 500 closed in a bear market on Monday, down 3.9%. The S&P closed down more than 20% from its January high – for the first time since 2020. The Dow Jones Industrial Average fell 2.8%, or about 875 poi…

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