U.S. President Joe Biden blasted Wall Street and Republicans on Tuesday as he seeks to improve dismal approval ratings amid high inflation and fears of recession.
By Nandita Bose
Worries that a hawkish Federal Reserve will hurt U.S. growth as it attempts to tame inflation helped drive the benchmark S&P 500 into a "bear market" on Monday, which could beckon a recession, some analysts say. "Soaring inflation, record gas prices, and a baby formula shortage are only a few of the crises he’s dealt" Pennsylvania families, Republican National Committee Ronna McDaniel said in a statement ahead of Biden's speech.Biden and Democrats point to record-low unemployment, small business startups and wage growth, particularly for low-income workers disproportionately hurt by pandemic shutdowns, as signs the U.S. economy is strong.
He recalled food lines and job losses under Trump and sparked by the COVID-19 pandemic, and noted record low unemployment.
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