Biden's 'Pandemic Over' Remark Sparks Aftermath... Vaccine Stocks Plunge, Political Sphere Also Stirred

[Image source=AP Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Since U.S. President Joe Biden mentioned that the COVID-19 pandemic has ended, repercussions have been spreading. Stocks of vaccine manufacturers such as Moderna and Novavax have plummeted, and political debates over the nullification of emergency powers are ongoing. However, the White House has confirmed that it has no plans to lift the public health emergency for COVID-19 response.

On the 19th (local time), vaccine-related stocks such as Moderna, BioNTech, and Novavax sharply declined on the New York Stock Exchange. Moderna fell 7.14% compared to the previous session. BioNTech dropped 8.60%, Novavax 6.51%, and Pfizer 1.28%. Considering that the three major indices of the New York Stock Exchange closed slightly higher that day, this is a clear downward trend.

This is interpreted as a repercussion following President Biden's statement in an interview on CBS's "60 Minutes" aired the previous night, saying, "There are issues related to COVID-19 and a lot is being done about it, but the pandemic is over." Following the president's remarks, speculation arose that the public health emergency would soon end, causing vaccine and treatment-related stocks to fall in unison.

The public health emergency has served as the basis for providing COVID-19 tests and vaccines free of charge to the public. The U.S. declared a public health emergency in January 2020 and has been extending it every 90 days. The current public health emergency is set to last until October 13.

Political circles are also flooded with related remarks. CNN reported, "Government officials were also surprised by President Biden's remarks." In particular, the Republican Party, which has opposed the Biden administration's extensions of the public health emergency, appears to be intensifying pressure and criticism against the government following this statement.

Republican Senator Ron Johnson (Wisconsin) tweeted, "Since the pandemic is officially over, all vaccine mandates must now end." Republican Representative Thomas Massie (Kentucky) also stated, "If the pandemic is over, all emergency powers based on the pandemic held by the president and governors should be nullified."

The White House immediately drew a line. A White House official told CNN that day, "The president's remarks do not signify a change in government policy regarding virus response," adding, "There are no plans to lift the public health emergency." It was explained that President Biden's remarks were intended to emphasize progress in the war against COVID-19 ahead of the November midterm elections.

Health experts have criticized the Biden administration for declaring victory too soon. Earlier this month, the White House requested Congress to temporarily allocate $22.4 billion (30.5 trillion won) for COVID-19 response. The Wall Street Journal (WSJ) reported that without this budget, 100 million Americans could be infected with COVID-19 in the second half of the year.

This content was produced with the assistance of AI translation services.