President Joe Biden, seeking to bolster his economic credentials ahead of the midterms, has made similar claims before. But his reasoning is a little muddy.
A common criticism of Biden's presidency has been the large rise in inflation during his tenure, which he has sought to blame on external factors, such as Russia's war in Ukraine. Biden has also defended the U.S. inflation rate compared to other countries.
Addressing Republican attacks on inflation, the president said:"But the point is that there—you know, that's why it's up. "I've released millions of barrels of oil from our Strategic Petroleum Reserve, keeping the price down. It's down about $1.25 and going down. It needs to go more."Some definitions are stricter than others– according to, one might define it as the body that makes up the UN Security Council: the United States, The United Kingdom, Russia, China, and France.
You could also choose to define"major" as based on either Gross Domestic Product or GDP per capita, which would include nations like Singapore, Qatar, Ireland, UAE, and Switzerland.
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