The Federal Reserve’s efforts to slow inflation are raising the possibility of rising unemployment, slower growth and even recession, prospects that could create new headaches for the Joe Biden administration.
The US president and his advisers are already having to deal with the highest inflation in four decades, as well as fluctuating consumer confidence and hardship stemming from the war between Russia and Ukraine.
However, they maintain that the economy is well positioned to meet the challenges, pointing to factors such as a strong labor market and unemployment near a 50-year low.
“Our economy is in a transition from what has been the strongest recovery in modern American history to what could be a period of more stable and resilient growth that works better for families,” the Council’s director said Sunday. National Economics, Brian Deese, to CNN.
The team tries to implement a strategy that seeks to improve Americans’ view of the economy. One of the proposals is to increase Biden’s domestic travel to publicize economic strengths and the government’s efforts to reduce consumer prices. A sharper contrast is also being drawn between his economic policy agenda and that of the Republicans. Source: Dow Jones Newswires.
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