The first few months of the year brought increased volatility with equity and bond markets undergoing major corrections, along with Russia’s invasion of Ukraine, bringing with it real implications f
gyrations through global energy markets. what s most important for the american people to understand right now is they have a president who is making clear, as you just played, that inflation is his top economic priority. that means a couple of things. first, we need to give the fed the space and the independence to do its job, which is to get inflation under control. second, we need to lower costs for families, make things more affordable for them during this economic transition. third, we need to reduce the federal deficit. if we reduce the federal deficit, we ll help reduce price progress on the economy. we can can do more. let me ask you about two specific things that would get to the second thing you mentioned about lower costs for consumers. number one, the federal gas task. would you implement a federal gas tax holiday, yes or no? we re look at every option. that s something congress needs to take up. the president would have to not would have to, but if the administrati
of ukraine which has sent gyrations through global energy markets. what s most important for the american people to understand right now is they have a president who is making clear, as you just played, that inflation is his top economic priority. that means a couple of things. first, we need to give the fed the space and the independence to do its job, which is to get inflation under control. second, we need to lower costs for families, make things more affordable for them during this economic transition. third, we need to reduce the federal deficit. if we reduce the federal deficit, we ll help reduce price progress on the economy. we can do more. let me ask you about two specific things that would get to the second thing you mentioned about lower costs for consumers. number one, the federal gas task. would you implement a federal gas tax holiday, yes or no? we re look at every option. that s something congress needs to take up. the president would have to not would have to, b
recession? it s a risk. our economy is in a transition from what has been the strongest recovery in modern american history to what could be stable and resilient growth. there s no doubt we face serious global challenges, inflation first and foremost among them, and it s hitting families hard. but there s also no doubt that the united states is in a better position than any other major country around the world to address inflation without giving up all the economic gains we ve had. that s because of the strength of our recovery. we have the strongest job market. we have businesses investing. we have americans actually increasing their savings and given all that, are you confident that the u.s. can avoid a recession? in this transition, the united states is in a better place than any other country because of those strengths. if you think about where we have come from, we have navigated through delta and omicron. we ve navigated through the gyrations coming from putin s war in uk
in this transition, the united states is in a better place than any other country because of those strengths. if you think about where we have come from, we have navigated through delta and omicron. we ve navigated through the gyrations coming from putin s war in ukraine. and still the american consumer, the american business has been resilient through this period. and so if we keep our focus on bringing inflation down in a way that actually helps families but you re not saying no? look, there are always ricks but we feel very good about where the united states is, particularly when you look on the global landscape. let s talk about inflation. it is still near the highest levels in four decades. i want to play what president biden said about this issue almost a year ago compared to what he s saying now. by the way, talk of inflation. the overwhelming consensus, it s going to pop up a little bit and then go back down. i want every american to know i m taking inflation is he