US President Biden: It’s going to take time to get inflation back to normal, we may see setbacks along the way

Americans’ resilience has helped us recover from the economic crisis created by the COVID-19 pandemic, families are finally getting more breathing room, and my economic plan is making the United States a powerhouse for innovation and manufacturing once again.

We entered this year with inflation still too high and families concerned about prices.

Tackling inflation and giving families more breathing room was and is my top economic priority. 

We are making important progress transitioning from historic recovery to stable, steady growth.

For the last several months wages have been increasing faster than prices, gas prices are at their lowest levels since last summer, and year-over-year inflation has been slowing.

The Federal Reserve has a primary responsibility to control inflation, and I have appointed highly qualified people to lead that institution, given the critical importance of its dual mandate of maximum employment and stable prices. But Americans should have confidence that my plan is working.

We are seeing the results. The economy has created more than 10 million jobs since I took office, and the unemployment rate is near a 50-year low. 

There’s no denying that it’s been a rough few years, with a global pandemic and global inflation that have lasted longer than almost anyone expected. But as we look back on 2022 — and look forward to what lies ahead — I have never been more confident about what the American people and the American economy can achieve.