President Joe Biden says wages are up and growing faster than inflation, which has actually decreased over the past six months.
The president made the comments while detailing economic progress and the bipartisan infrastructure bill during a Thursday afternoon speech in Springfield, Virginia.
"Economic growth is up, stronger than experts expected, at 2.9 percent we're growing," Biden said. "Jobs are the highest number in American history. Wages are up, and they are growing faster than inflation. In the past six months, inflation has gone down."
"Last summer, plenty of Wall Street analysts were saying that by the end of the year, there’d be a recession," he continued. "Well, it turns out, thank God, they were wrong."
Biden added that manufacturing jobs continue to go up, stronger than any time in the last 40 years.
"The first two years of my administration, we've had the strongest years of job growth ever in American history on record," he said. "We've created nearly 11 million jobs, including 750,000 manufacturing jobs."
The president said the country is "moving in the direction" but that it also needs to "protect those gains... from the MAGA Republicans in the House of Representatives who are threatening to destroy this progress." He then went after GOP policies that could be harmful to the economy.
"This ain't your father’s Republican Party. This is a different breed of cat," he said. "They want to raise your gas prices. They want to cut taxes for billionaires who pay virtually only 8 percent of their income now... and they want to impose a 30 percent national sales tax on everything from food, clothing, school supplies, housing, cars — a whole deal." He also warned that Republicans want to cut Social Security and Medicare.
Biden said he's willing to work with Republicans "on real solutions and continue to grow manufacturing jobs and build the strongest economy in the world and make sure Americans are paid a fair wage," but he will not let the GOP choose to "inflict this pain on the American people."
"I will not let it happen. Not on my watch. I will veto everything they send," he said. "I'm not going to get into their reckless threats and take the economy hostage in order to force an agenda that's going to only limit American workers and weaken us internationally."
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