President Joe Biden defended his handling of the US economy, despite a 40-year high in inflation, which he attributed in part to Russia’s invasion of Ukraine.

Biden touted his efforts to enhance U.S. supply chains, speed American semiconductor production, and reduce reliance on foreign manufacturers during a speech at North Carolina Agricultural and Technical State University in Greensboro.

However, Obama spent much of his speech on his handling of the economy, which has contributed to a drop in his job approval rating, which could bode trouble for Democrats in the November legislative midterm elections.

Biden claimed that job creation surged in his first year in office, with 365,000 new manufacturing jobs added and the unemployment rate falling dramatically.

However, repeated price rises across the board are hounding Biden.

“I realise we’re still dealing with the problem of rising costs and inflation,” Biden added. “The invasion of Ukraine by Putin has pushed up gas prices around the world.” Food prices have also been impacted by a decline in Ukraine wheat exports, according to him.

Biden urged Congress to pass the Bipartisan Innovation Act, which would increase funding for developing technology and American manufacturing while still allowing the country to compete with China.

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