Much of America does not seem to be buying the optimistic vision that Biden and his team are selling
impressive May jobs report
But as of now, much of America does not seem to be buying the optimistic vision that Biden and his team are selling.with a growing sense of pessimism, as experts warn of a potential recession. Despite the White House’s renewed efforts this month to allay Americans’ concerns, high prices and economic uncertainty are weighing heavily on the minds of many voters. With less than six months to go until the midterm elections, the odds of a Republican rout in November appear higher than ever.
One of those television appearances included a mea culpa from Treasury Secretary Janet Yellen, who acknowledged the White House’s previous claims that inflation would be “transitory” had been proved wrong. Increased interest rates often foreshadow a recession, and more economists are now warning of that possibility. Lloyd Blankfein, the former CEO of Goldman Sachs,that the country now faces a “very, very high risk” of a recession, although he added that it was not inevitable at this point.
Biden’s oped seemed to reflect how his hands are tied when it comes to inflation. After all, the Federal Reserve has the power to set interest rates, and Congress has the ability to pass legislation that could help Americans weather the storm of high inflation. Faced with that difficult reality, Biden and his team have instead pursued a strategy of trying to convince Americans that the economy is in better shape than it seems by looking at gas prices and grocery bills. The president takes every opportunity to remind Americans that the unemployment rate is just 3.6%, which is near a half-century low.
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