[Comprehensive Report 2] '1st Anniversary of Inauguration' Biden Raises 'Warning' Voice to Russia... Also Self-Praises

[Image source=EPA Yonhap News]

[Asia Economy New York=Special Correspondent Joeslgina] Ahead of his second year in office, U.S. President Joe Biden warned that Russia's invasion of Ukraine could become a reality and vowed to impose "ultra-strong sanctions" if that happens. He also urged repeated vaccination, stating that the rapidly spreading new COVID-19 variant Omicron is not a cause for panic. Regarding criticism over inflation reaching its highest level in 40 years, he placed responsibility on the central bank, the U.S. Federal Reserve (Fed).

◆"If Russia invades Ukraine, it will be a disaster" Ultra-strong warning...No mention of North Korea

On the 19th (local time), President Biden held a press conference at the White House commemorating his first year in office, addressing major issues such as the Ukraine situation, COVID-19 response, overcoming inflation, and legislative tasks in Congress for 111 minutes.

Regarding the imminent threat of Russia invading Ukraine, Biden warned, "If Russia invades (Ukraine), it will have to be held accountable." He viewed the possibility of invasion as high, quoting Russian President Vladimir Putin as saying, "It seems like (he will) go in (to Ukraine). Something has to be done."

He also foreshadowed ultra-strong sanctions. President Biden said, "He (President Putin) has never seen sanctions at the level I promised," and "We are prepared to impose serious costs and damage on Russia and the Russian economy. It will be a 'disaster' for Russia," raising his voice. In particular, he hinted at ultra-strong financial sanctions, saying Russian banks would not be able to settle in dollars.

This is interpreted as referring to excluding Russia from the international financial messaging network (SWIFT). It means blocking Russia's dollar settlements and effectively expelling it from the international financial transaction network. The Biden administration is also reportedly considering semiconductor export restrictions targeting Russia.

However, President Biden shook his head at the possibility of full-scale war. He said, "(President Putin) does not seem to want full-scale war yet. He will test the West." In this case, Russia is expected to pay a heavy price. He also mentioned that if Russia makes a minor incursion and the U.S. and its allies need to discuss what measures to take, that would be another matter. This remark can be interpreted as suggesting that strong responses might not be taken if Russia makes a minor incursion, which has sparked controversy.

President Biden said, "The only thing I am certain of is that it is entirely President Putin's decision," acknowledging uncertainty about future developments. Regarding Russia's demand to prohibit Ukraine's membership in the North Atlantic Treaty Organization (NATO), he predicted that Ukraine is unlikely to join NATO in the near future.

Additionally, when asked whether it is time to lift tariffs imposed on Chinese products, Biden was uncertain but emphasized that China's promise to purchase American goods must be kept. The topic of China was briefly touched upon but not discussed in depth.

Moreover, although the press conference was held amid North Korea's continued ballistic missile provocations since early this year, no mention of North Korea was made during the opening remarks or Q&A session. This contrasts with North Korea's announcement of the results of the Workers' Party Political Bureau meeting and its threat to reconsider trust-building measures toward the U.S. timed with Biden's press conference.

[Image source=EPA Yonhap News]

◆Conscious of declining approval ratings, 'self-praise'...also urges vaccination

President Biden, entering his second year in office on the 20th, seemed aware of his recent declining approval ratings as he emphasized achievements such as COVID-19 vaccinations and job statistics from the start of the press conference, offering a 'self-praise' evaluation. He stressed, "210 million Americans have completed vaccination, and 6 million new jobs have been created. The unemployment rate has dropped to 3.9%."

When criticized for having promised more than what could realistically be achieved at the time of inauguration a year ago, regarding inflation and stalled welfare bills in Congress, he responded, "I have never made excessive promises. I think I have done better than others thought," and "The situation is improving," offering a self-assessment.

President Biden acknowledged, "I know there is a lot of frustration and fatigue in this country. The reason is COVID-19," but added, "Omicron is a concern but not a cause for panic." He emphasized that the U.S. is in a better position to cope with COVID-19 through vaccination efforts.

He urged repeatedly, "Vaccination is effective, so we must continue current vaccination efforts," and "Get vaccinated. And get the booster shot." He also reaffirmed that despite the pandemic, over 95% of U.S. schools remain open, confirming that there will be no economic lockdowns or school shutdowns.

[Image source=Reuters Yonhap News]

◆Shifts responsibility for inflation criticism to Fed...also hints at re-election bid

He nodded to criticism that many Americans are struggling with the high cost of living due to inflation reaching a 40-year high. However, Vice President Biden attributed this to the central bank, the Federal Reserve (Fed). In December last year, the U.S. Consumer Price Index (CPI) surged 7.0% year-on-year, marking the largest increase in nearly 40 years.

President Biden said, "We must control inflation," in response to criticism asking if Americans should continue to see such high prices at grocery stores and gas stations. He added, "The important task of preventing inflation from becoming entrenched lies with the Fed, which has the dual mandate of full employment and price stability."

He further argued, "Considering the strength of our economy and the recent pace of inflation, it is appropriate to recalibrate the support needed, as Fed Chair Jerome Powell has pointed out." Regarding the Fed's anticipated moves such as interest rate hikes, he said, "I respect the Fed's independence."

He also hinted at running for re-election in 2024. When asked if he is satisfied with Vice President Kamala Harris's work and if she is expected to be his running mate in 2024, he answered, "Yes and yes." He added, "She is my first choice for running mate," and "I think she is doing a good job."

Regarding the core agenda of the social welfare budget bill being blocked in Congress, he expressed hope for its passage, saying, "I will not change priorities." He indirectly criticized former President Donald Trump, saying, "Have you seen a situation where one person threatens an entire party, and lawmakers, fearing primary defeat, refuse to vote differently from his thinking?"

The press conference was initially expected to last about an hour but extended to 1 hour and 51 minutes as President Biden said, "I can answer questions anytime." When a reporter from an internet media outlet mentioned 'mental health,' implying dementia due to old age, he responded, "I don't know."