Bloomberg News reports that President Joe Biden has an announcement that the Covid-19 pandemic has come to an end and also stressed that Americans would be able to gain control over inflation, thereby giving a rosy picture about the US economy just a little ahead of two months of the elections scheduled to be held at midterm.
In the “60 Minutes” interview with CBS that was broadcast on Sunday, Biden said that he hopes the economy will achieve a “soft landing” as there will be a rate hike by the Federal Reserve to combat the increase in costs.
The president said that the American people would be able to control inflation when asked whether inflation measured by the consumer price index would continue dropping. In August, the CPI was found to rise by 8.3% compared to the same period last year, which was a larger increase than predicted.
He also noted that since the CPI is 9.1% which it reached in June. This figure, however, has not surged, and month-to-month price growth was found to be moderate. He also said that the unemployment rate in August was found to be 3.7%, the lowest in history.
When asked whether the pandemic was over, the president said it was over, but there still exists a problem with Covid, and extensive work is still being done on the same. as reported by Bloomberg News, he also said that it seems everyone is in good shape.
