Takeaways from AP interview: Biden on inflation, US psyche

WASHINGTON (AP) — President Joe Biden on Thursday sat down with the Associated Press to discuss the state of the economy, his concerns about the national mood, and his commitment to standing up to Russia's aggression in Ukraine.

Takeaways from Biden's first news media interview since February:

PAIN AT THE PUMP

Biden blames gas prices for the nation's economic pessimism, saying before prices started rising, “Things were much more, they were much more optimistic.”

The president acknowledged that Americans are paying vastly more to put food on their table and fuel in their cars and that it was putting a dent in his approval rating.

“If you want a direct barometer of what people are going to talk about at the kitchen table and the dining room table and whether things are going well, it’s the cost of food and what’s the cost of gasoline at the pump," he said.

But while Biden said his message to oil companies was “Don’t just reward yourselves," he has few tools at his disposal to meaningfully bring down prices in the near term.

THE U.S. HAS NO CHOICE BUT TO STAND UP TO RUSSIA

Biden said he didn't consider the domestic political impact from U.S. efforts to sanction Russia over its invasion of Ukraine, particularly how it would roil the economy.

Without such action, he said, “I fear what would happen next is you’d see chaos in Europe.” He added: “It’s not about my political survival. It’s about what’s best for the country.”

Biden suggested that he's willing to pay a political price as a result, saying his advice to young people interested in public service is, “Unless you know what’s worth losing over, don’t get engaged.”

BIDEN WANTS TO BUCK UP THE NATIONAL MOOD

After more than two years of the COVID-19 pandemic, Biden said...