Biden: I Inherited the Worst Economic Crisis Since the Great Depression

U.S. President Joe Biden announced that inflation rates and interest rates in the United States have started to decline, offering a positive outlook on the country's economic recovery.

In a post on the platform X (formerly known as Twitter), Biden reflected on the state of the U.S. economy. He stated that when he took office four years ago, he inherited the worst economic crisis since the Great Depression. The crisis, largely attributed to the COVID-19 pandemic and its ripple effects, was marked by historic levels of unemployment, business closures, and economic contraction.

Now, Biden reports, inflation and interest rates are finally beginning to fall. However, he cautioned that there is still significant work to be done. "We still have more work ahead of us," he said. "Soon, I will address our efforts to reduce costs and grow our economy."

Biden’s remarks come just a day after the Federal Reserve's significant decision to lower interest rates by 50 basis points in the world's largest economy. This move signals the beginning of monetary easing, a shift from the central bank's previous aggressive stance aimed at controlling inflation. The Federal Reserve had been steadily increasing rates over the past year to curb inflation, which had reached its highest levels in decades.

Now, with inflation showing signs of slowing, the rate cut indicates that the Federal Reserve has achieved some success in controlling price rises while navigating the complexities of maintaining economic growth.