The president’s summer was going so well that the White House hosted a celebration last week that included a James Taylor performance. When he signed a bipartisan measure on gun safety in June, Mr. Biden started his streak.
Then, in August, he signed a measure to decrease prescription medication costs, a law to cancel student loan debt, the greatest investment ever made in combating climate change, and a minimum tax on companies despite Republican objections.
On Tuesday, though, it looked as if both had come upon the president’s celebration as James Taylor performed “Fire and Rain.” Following a poor inflation report, the Dow dropped by about 1,300 points.
On Thursday, we chatted with President Biden in the White House about the economy, Ukraine, the top-secret papers found in Donald Trump’s house, and whether he would consider running for office again. The president made headlines and is certain to cause some controversy.
Mr. Scott Pelley Mr. President, as you are aware, the annual inflation rate was 8.3% as of last Tuesday. The stock market fell sharply. People’s food expenses are shocking. What can you accomplish more quickly and effectively?
Joe Biden, the president Let’s put things in context first, shall we? The pace of inflation from month to month was little more than an inch.
Mr. Scott Pelley You don’t contend that the 8.3% growth rate is positive.
Joe Biden, the president I’m not saying it’s good news, however. However, it was formerly 8.2% or 8.2%. It’s not like you’re acting or that we’re saying, “My gosh, it jumped to 8.2%,” all of a sudden. It has been
It’s the greatest inflation rate in 40 years, Mr. President, according to Scott Pelley.
Joe Biden, the president I got it. Guess who we are, however. We’ve been in a situation where it hasn’t surged in a while. It has essentially been even, but barely. In the meanwhile, we’ve generated a ton of jobs, prices have increased, but they’ve decreased for energy. We have, in reality, produced 10 million additional employment.
Since we arrived at the workplace, we’re in. We now have one of the lowest jobless rates in recorded history, at roughly 3.7%.
We are now seeing a significant return of manufacturing to the United States. And if you go to the future, we are making big investments in jobs and computer chips. So, I’m sorry, but this is a procedure. This is a procedure.
Will the economy deteriorate before improving, asks Scott Pelley?
Joe Biden, the president: In my opinion, no. We aim to have what is referred to as “a smooth landing,” or a transition to a situation in which we don’t lose the gains for middle-class people that I ran to achieve in the first place, being able to create well-paying jobs and growth. Ensure that we can continue to develop while still doing the above.
Mr. Scott Pelley And you’re going to assure the American people that inflation will keep falling?
President Joe Biden: I assure the American people that we will get inflation under control. Additionally, the cost of their prescription medications will be much reduced. Their medical expenses will be much less. Their fundamental expenditures for everyone and their energy costs will decrease. They’ll find themselves in a position where they can regain control. I’m feeling more upbeat than I have in a while.
Mr. Scott Pelley What can you do, sir, to stop a recession in light of the Federal Reserve’s recent rate hikes?
President Joe Biden: Keep the economy expanding. And the economy is expanding. It is expanding in a manner that it hasn’t done in a very long time.
Mr. Scott Pelley How so?
Joe Biden, the president We are developing whole new industries. Six hundred and ninety-five, or eighty-five thousand, new manufacturing jobs have been created in the United States since I took office. Continue expanding the economy and continuing to provide concessions to those who work hard, since we already pay the highest prescription costs of any industrialized country in the world. We’ve also decreased the debt and the deficit by $350 billion in my first year, ensuring that Medicare can negotiate lower pricing. The debt will be decreased by more than $1.5 trillion this year. Therefore, to keep putting individuals in a situation where they may earn a respectable life and develop, develop, and expand their potential for development.
We accompanied Mr. Biden to the Detroit Auto Show on Wednesday to see what he meant. He was happy to announce increased funds for an electric car charging infrastructure. But another query sprang to mind as the conference center became more packed.
Scott Pelley: First Detroit Auto Show in three years, Mr. President. The epidemic is it over?
Joe Biden, the president The epidemic has ended. COVID is still a concern for us. We’re still working really hard on it. The epidemic is finished, but it’s— No one is concealing themselves, if you observe. Everyone seemed to be in generally excellent health. Therefore, I believe it is altering. This, in my opinion, is a perfect illustration of it.
The auto show served as a reminder that, in part due to Russia cutting fuel supply during its conflict with Ukraine, gasoline prices reached a record high in June of last year.
Mr. Scott Pelley Mr. President, gas prices have decreased by around 26% from their $5 peak. What can you do in the midst of Vladimir Putin’s energy supply rationing to keep that price down?
Joe Biden, the president Well, there are a few things we’ve accomplished. For instance, I recall that I faced considerable backlash when I began withdrawing a million barrels of oil per day from the Strategic Petroleum Reserve. Then the industry said that it will generate an additional million barrels per day by the spring. Therefore, I believe we are in fair condition.
Vladimir Putin will attempt to buck your resolve on Ukraine, and he’ll use energy costs to accomplish it, according to Scott Pelley.
President Joe Biden: Without a doubt. The United States, however, is in far better health than everyone else, especially in comparison to Russia. But he has been attempting it for some time. He won’t be successful.
However, a 19th-century mode of transportation threatened to destroy the economy at the precise time Mr. Biden was steering for the future. Two days remained until the deadline for a nationwide rail strike. A settlement was mediated by the White House on Thursday after a 20-hour marathon of talks.
President Joe Biden: One of the things that occurs in negotiations, especially when they are drawn out as these have been, is that people say and do things where they— the pride also gets involved. And some of these things are quite difficult to reverse. At my opinion, they both sat down. They were in the office today and said, “Well, we sorted it out in the end. This is equitable for both parties.” And it needed that time to concentrate. Additionally, the alternative was just unthinkable.
Mr. Scott Pelley Why do you say that?
President Joe Biden: If they had really gone on strike, the nation’s supply networks would have came to a grinding stop. The economy would have experienced a true catastrophe.
Last week, when Ukrainian troops reclaimed roughly 3,000 square kilometers from the Russian assault, the second problem on the president’s desk, the situation in Ukraine, was also improving.
Is Ukraine winning the conflict, asks Scott Pelley?
President Joe Biden: Ukraine is not losing a war and they are making progress in certain places thanks to their—our and our friends’ tremendous assistance as well as their extraordinary courage and dedication. The only way to end the conflict in Ukraine is for Russia to fully withdraw from Ukraine and recognize its sovereignty. They are winning against Russia. Russia is not proving to be as competent and capable as many people had anticipated. But winning the conflict? It’s really difficult to consider it a victory given the harm it’s causing, the citizens it’s killing, and the innocent people it’s killing.
President Biden has referred to Russian President Vladimir Putin as a war criminal after the atrocities of the seven-month conflict.
Joe Biden, the president: What he did was brutal. His strikes on civilian targets, including civilian hospitals, old age homes, and districts where regular people reside,
Schools, says Scott Pelley.
President Joe Biden: It’s awful that this is happening to schools. The cost of this conflict is thus quite great for the Ukrainian people. But we’ll stick with them for as long as they need our assistance.
Mr. Scott Pelley You have obligations worth more than $15 billion as of right now. What is your limit?
President Joe Biden: For whatever long is necessary.
Scott Pelley: Unwavering dedication?
Joe Biden, the president:
Mr. Scott Pelley Vladimir Putin is being humiliated and forced into a corner as Ukraine wins on the battlefield. And, Mr. President, if he were to contemplate employing chemical or tactical nuclear weapons, what would you say to him?
Don’t, says President Joe Biden. Don’t. Don’t. Like nothing since World War II, you will alter how war is seen.
Mr. Scott Pelley What would be the results of that, then?
President Joe Biden: I won’t make any assumptions.
Mr. Scott Pelley What would be America’s response?
Joe Biden, the president You expect that if I knew precisely what it would be, I would tell you? Naturally, I won’t tell you. It will have an impact. They’ll become much more of an outcast than they already are. And what would happen would depend on how far they go with their actions.
Putin met with Chinese President Xi Jinping on the same day that we talked with the president. There are worries that China would invade Taiwan as a result of Russia’s effort to compel Ukraine’s reunification. Since 1979, U.S. policy has been to acknowledge Taiwan as a part of China while remaining mute on whether the U.S. military will support the island’s democratically elected government. This is one of the topics in our interview that spark debate.
What should Chinese President Xi know about your support for Taiwan, asks Scott Pelley?
President Joe Biden: We still stand by the commitments we made in the past. Taiwan determines its level of independence on its own, and there is only one China strategy. We aren’t changing and we don’t support their independence. They make that choice; we don’t.
But would American forces protect the island, Scott Pelley?
Joe Biden, the president Yes, if the assault was really unprecedented.
A White House representative informed us after our conversation that American policy has not changed. The U.S. would not officially confirm if American military will protect Taiwan. The head of state, however, had a different opinion.
Mr. Scott Pelley To be clear, sir, American forces, American soldiers, and American citizens would protect Taiwan in the case of a Chinese invasion?
Joe Biden, the president:
Mr. Biden discussed the secret papers that the FBI discovered at former President Trump’s residence for the first time. A criminal inquiry has been launched by the Justice Department.
Mr. Scott Pelley Have you received a briefing on the top-secret materials discovered at Mar-a-Lago, sir?
Joe Biden, the president:
Mr. Scott Pelley Nobody has come to you to inform you that the keeping of those papers at the previous president’s house exposed crucial national security secrets?
President Joe Biden: I haven’t directly discussed that matter with anybody. Both my administration and the National Security Council, I’m certain, are aware of everything said above. I haven’t, however.
Mr. Scott Pelley Did the FBI inform you that they had carried out a search warrant at Mar-a-Lago?
Joe Biden, the president: not beforehand.
To keep track of what was discovered, the FBI put the papers out on the ground.
Mr. Scott Pelley What sprang your mind when you saw the picture of the top-secret papers spread out on the Mar-a-Lago floor? Observing that picture.
Joe Biden, the president How could it possible occur. How could someone possibly be that careless. And I considered What information was there that would jeopardize sources and procedures? That refers to the names of those who offered assistance or other details. And it’s just really reckless.
Mr. Scott Pelley And you have no idea what was included in those papers?
President Joe Biden: I have not requested the details of those records because I do not want to get embroiled in the debate about whether the Justice Department should proceed with or refrain from taking certain potential actions. I vowed to not direct them and refrain from advising them on whether or not to pursue legal action.
President Biden told us at the White House on Thursday that he wants to keep the House and the Senate under his control in November’s midterm elections. That remains to be seen, however, considering that the President’s job approval rating is just at 40%. Mr. Biden has said that he intends to run again in 2024, but there is another another area where our conversation may spark debate.
Mr. Scott Pelley Sir, Are you determined to run once again, or are there requirements that must be met?
President Joe Biden: Look, if I were to tell you that I’m running for office again, a lot of factors would suddenly come into play that would need me to adjust, move, and take action.
In terms of electoral laws? Scott Pelley
Regarding election laws, President Biden Furthermore, it is much too early to make that type of a choice. I have a lot of respect for destiny. I’m doing my job, that’s what I’m doing. I’ll carry out the task. After this current election cycle, continuing into next year, decide what to do within the reasonable time period.
Mr. Scott Pelley You claim that it’s much too early to decide that. I assume you haven’t made the choice on your own.
Joe Biden, the president Look, as I said from the outset, my objective is to rerun. However, it’s just an intention. But have you really decided that I should run again? That is still up in the air.
Mr. President, you are the oldest president ever, according to Scott Pelley.
Joe Biden, the president Very decent condition, huh?
Mr. Scott Pelley Which brings me to my next question. More than anybody, you are aware of this. Some individuals question your suitability for the position. I’m curious what you think when you hear it.
Joe Biden, the president Observe me. And to be quite honest, that’s all I think. Observe me. If you believe that I lack the stamina or the mental clarity, then, you know, that’s one thing. Another thing is that you merely keep an eye on me and follow my routine. Copy my actions. I believe that when I get down with our NATO partners and maintain their unity, they won’t be asking, “Wait a minute, w— how— how old are you? What say you, what are you? It comes down to that old saying, “The proof of the pudding is in the eating,” you know? I mean, I appreciate the notion that people would point out your adva
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