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Recession fears could cause new problems for the Biden administration


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The New York Times
SOURCE: https://www.foxbusiness.com/economy/recession-fears-new-problems-for-biden
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Summary

(Kent Nishimura/Los Angeles Times via / Getty Images)"It is this president and his all-Democratic government who have drained American families’ pocketbooks, and every poll shows our citizens understand that sad reality all too well," Senate Minority Leader Mitch McConnell, R-Ky., said in recent remarks on the Senate floor.President Biden has been faced with high inflation since last year and Russia’s war in Ukraine, launched in late February, has caused further economic complications.In April, consumer prices rose 8.3% from a year before, forcing Americans to have to pay more for gasoline, groceries and other expenses.Even worse, concerns of a recession, which would likely come in 2023 according to some estimates, paint a new grim outlook for the U.S. economy.The president and his economic team have insisted that the economy is in a good place to withstand setbacks, highlighting factors like a strong labor market and low unemployment rates."Our economy is in a transition from what has been the strongest recovery in modern American history to what can be a period of more stable and resilient growth that works better for families," National Economic Council Director Brian Deese said Sunday on CNN’s "State of the Union."INFLATION SOARS 8.3% IN APRIL, HOVERING NEAR 40-YEAR HIGHDirector of the National Economic Council Brian Deese speaks on rising food prices at the White House on Sept. The administration has claimed that the GOP would fail to do enough to curb inflation and that it would look to increase taxes for American families.Recent polling shows that the economy ranks high on voters' list of priorities and Republicans are pointing to the current state of the economy in an attempt to bolster their chances at taking control of Congress.Federal Reserve Chairman Jerome Powell told The Wall Street Journal last week that "there could be some pain involved" regarding efforts to bring down inflation and that the U.S. might see small jumps in unemployment.Deese said Sunday that the White House supports the Fed’s response.

As said here by Landon Mion