President Joe Biden defended his administration’s handling of the economy Monday even as the stock market plunged more than 900 points.
“Our economy has come a long way over the last six months,” Biden boasted. “It can’t slow down now.”
Biden spoke as the Dow Jones Industrial Average fell more than 700 points before he began speaking and continued to drop further to a 900 point collapse after he finished.
The president described economic progress in the United States under his presidency as a “boom,” despite continued widespread unemployment and labor shortages.
“We can make this boom we’re experiencing today one that will ensure that all Americans have an opportunity to share in it for years to come,” he said.
When asked about the stock market plunge, Biden noted that the market was still at record high levels.
“Look, the stock market is higher than it has been in all of history — even went down this month,” he said to reporters. “I don’t look at a stock market as a means by which to judge the economy like my predecessor did.”
Biden also defended his planned spending proposals of up to $6 trillion as “sustainable investments with appropriate financing” that would help make the country more productive by providing free child care, elder care, and paid leave to help more Americans enter the labor force.
“That won’t increase inflation. It will take the pressure off of inflation,” Biden said. “Give a boost to our workforce which leads to lower prices in years ahead.”
Biden addressed concerns about economic inflation, arguing the price increases for many goods and services across the country were “temporary.”
“I want to be clear,” he said. “My administration understands if we were to experience unchecked inflation over the long-term, that would pose a real challenge to our economy.”