U.S. President Joe Biden held a press conference in Maryland Thursday about an economic agenda that his administration says is helping the middle class, while Republicans say the U.S. economy is failing when it comes to inflation.
According to a report, U.S. consumer prices jumped by the most in more than a year in August, mostly riding higher on an increase in gasoline prices.
Records also show the nation’s employers added 187,000 jobs in August, evidence of a slowing but still-resilient labor market despite the high-interest rates the Federal Reserve has imposed.
At Thursday’s press conference in Maryland, Biden used the term “MAGAnomics” for the first time to attack GOP economic policy.
“Their plan, MAGAnomics, is more extreme than anything America has ever seen before,” Biden said. “Just months ago, they went further than anyone has ever gone threatening to default on the debt.”
Biden also criticized Donald Trump’s record on the economy. He referred to the former president as “my predecessor” rather than by name.
“My predecessor promised to be the greatest job president in history. Well, it didn’t really work out that way. He lost 2 million jobs over the course of his presidency,” Biden said.
According to Labor Department data released Wednesday, inflation rose for the second straight month in August, increasing to 3.7 percent from 3.2 percent in July.
The increase was driven by rising gas prices, with the national average now at $3.85 per gallon, according to the American Automobile Association.
According to a Reuters/Ipsos poll released earlier this month, Biden’s approval rating stands at around 42%. The poll also showed that 23% of respondents believed the economy was the most important problem facing the country.
Watch the full press conference in the video below.