The US economy has seen consumer prices soar as much as 7% in the past year, a multi-decade high, as rising demand from consumers and businesses met with labor shortages. labor and critical supplies such as semiconductors, as well as delays in global product deliveries.
tensions
On the tension on the Ukrainian border, Biden also anticipated that Russia would pay a high price if it decided to invade Ukraine, including a high human cost and deep damage to its economy.
“It’s going to be a disaster for Russia,” Biden said, adding that the Russians might eventually prevail, but their losses “are going to be big.”
“If they really do what they are capable of doing with the force that they have concentrated on the border, it will be a disaster for Russia,” Biden told a news conference.
Russia is ready to attack Ukraine “at any time” says the US
“Our allies and partners are ready to impose severe costs and significant damage on Russia and its economy,” he said.
He added that the Russian force could probably prevail over time against the weaker Ukrainian army.
However, he noted that “the cost of going to Ukraine in terms of loss of life, for the Russians… is going to be heavy.”
Biden said he believes his Russian counterpart, Vladimir Putin, “doesn’t want a full-scale war yet” over Ukraine.