US President Joe Biden has finally realized that high inflation and economic problems can be beneficial to the country.
He was deeply criticized for rising prices and other economic turmoil in the US. However, the US President found the reason for being optimistic in the current situation. Therefore, soaring prices, galloping inflation, and stock market crash increased Biden’s confidence that the US economy was on the right track.
"But the truth is, I’ve never been more optimistic about America than I am today," Biden said while speaking at the 29th AFL-CIO quadrennial constitutional convention in Philadelphia. He added that the country was in a challenging situation after former US President Donald Trump quit his post.
Notably, gasoline prices in the US hit an all-time high. They have more than doubled reaching $5 average per gallon since Joe Biden took office. As of May, US consumer prices have risen to their highest in annual terms since December 1981, i.e. to 8.6% from 8.3% in April.