Biden claims 'capitalism is alive and very well' amid stock market collapse

President Joe Biden shrugged off dire predictions regarding the consequences of his economic leadership as stocks tumbled amid concerns over inflation and the delta coronavirus variant.

"It turns out capitalism is alive and very well. We're making serious progress to ensure that it works the way it's supposed to work for the good of the American people," Biden said Monday at the White House.

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Biden claimed his administration had accelerated job growth, from creating 60,000 jobs per month to now reporting 60,000 jobs "every three days."

"We brought this economy back from the brink. We designed our strategy not only to provide for a temporary boost but to lay the foundation for a long-term boom that brings everyone along," he said.

But Biden's rosy economic address was at odds with the Dow Jones Industrial Average plummeting almost 800 points, or 2.2%, on Monday. The S&P 500 fell 1.5%, as did the Nasdaq by 1%.

Biden also dismissed complaints inflation was going "unchecked," repeating price hikes were transitory. He promised the White House was remaining "vigilant," conveying a conversation with Federal Reserve Chairman Jerome Powell in which he encouraged the board to "take whatever steps it deems necessary to support a strong, durable economic recovery."

In spin previewed by White House press secretary Jen Psaki last week, Biden contended the $600 billion bipartisan infrastructure deal and $3.5 trillion Democratic-only, infrastructure catch-all reconciliation package would help cool the economy.

"These steps will enhance our productivity, raising wages without raising prices. That won't increase inflation. It will take the pressure off of inflation," he said.

In his remarks, Biden reiterated his call for every eligible person to become immunized against COVID-19 as the "more transmissible" and "more dangerous" delta variant spreads among the protected.

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"This virus doesn't have to hold you back any longer. It doesn't have to hold our economy back. The only way we put it behind us is if more Americans get vaccinated," he said.

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