Stocks Sink, Yields Tumble As Virus Fears Rise
The S&P 500 was 1.9% lower in morning trading, after setting a record high just a week earlier.LEARN MORE
The president touted U.S. job recovery during his time in office, pushing for more government spending despite growing concerns about inflation.
As stocks dropped Monday over fears about inflation and the rise in COVID cases, President Biden urged Americans to support his infrastructure plans, arguing they will sustain and build upon the economic recovery made during his first six months in office.
"We've gone from 60,000 jobs per month to 60,000 jobs every three days – more than 600,000 jobs per month since I took office," he said. "More than 3 million new jobs, all told."
The president argued the nearly $1 trillion bipartisan infrastructure bill and Democrats' more than $3 trillion human infrastructure plan will drive down prices and bring more Americans back to work.
"It breaks up the bottlenecks in our economy," the president continued. "Goods get to consumers more rapidly and less expensively. Small businesses create and innovate much more seamlessly. If we increase the availability of quality, affordable childcare, eldercare and paid leave, more people will enter the workforce."
Senators haven't reached final agreements on either of the infrastructure bills but Senate Majority Leader Chuck Schumer plans to hold a procedural vote tomorrow on the bipartisan plan.
The president said the infrastructure proposals would address current supply chain disruptions and reduce inflation. Republicans have argued that spending more would increase it.
"Our experts believe, and the data shows that most of the price increases we've seen were expected and expected to be temporary," President Biden said. "The reality is, you can't flip the global economic light back on and not expect this to happen."
The president said his administration will keep an eye on signs of long-term inflation. He also implored Americans to get vaccinated against COVID-19, saying the U.S. economic recovery hinges on ending the pandemic.
President Biden cautioned companies against price gouging, emphasizing his administration's efforts to reduce costs for American families.
The agency's schedule has budgeted for two checks to be sent out in the same month periodically, and in December recipients will get an extra one.
Roughly 44 million Americans are food insecure, meaning they don't have access or the means to get adequate nutritious food.
Several African leaders noted their continent's rainforests helped gobble up excess carbon dioxide in the air from other countries.
Fire officials said a security guard who tried to stop the person was burned on his wrist and leg as well.
Three students, all age 20, have been attending colleges in the eastern U.S., and were out for a walk when a man approached them and shot them.