"People are really, really down," Biden told the Associated Press on Thursday. "The need for mental health in America, it has skyrocketed, because people have seen everything upset. Everything they’ve counted on upset. But most of it’s the consequence of what’s happened, what happened as a consequence of the COVID crisis."
Biden also underscored that a recession in the United States is not inevitable, claiming he is confident that the US is in a strong position to overcome inflation.
US inflation, as recorded by the Consumer Price Index, grew at an annualized rate of 8.6% in May - the fastest rate since 1981. The cost of virtually all goods, including food, fuel, shelter and clothing, increased significantly last month.
The US average price for a gallon of regular gasoline exceeded $5 a gallon last week for the first time ever, with diesel also at record-high prices above $6 a gallon. The Biden administration has pointed both towards impacts of Russia’s special military operation in Ukraine and alleged price gouging by energy firms.
Global food prices and supply availability have also faced instability as a result of the situation in Ukraine, with Western leaders pinning responsibility on Russia’s operation and Moscow pointing toward Western sanctions and Ukrainian sea mines as barriers to bringing food and fertilizer to market.