Despite that data, one of Biden’s top advisors claims that Americans are seeing very strong economic conditions, reports The Daily Wire.
“It is very hard to conclude that we are in a recession when you look at the payroll and the job gains that we’ve seen now, it is tricky to look around the corner here, and I’m not going to predict quarters down the road,” said Jared Bernstein, a member of Biden’s Council of Economic Advisors. “But I think right now, you’ve got inflation headwinds big time in this economy — not taking anything away from that — but you also have some very strong tailwinds that are boosting consumers.”
His solution, which he has been pushing relentlessly on Twitter, is to have Congress pass legislation that forces a reduction in the prices of medicine, utility, healthcare, microprocessors, and housing despite a supply chain that continues to struggle amidst Biden’s policies.
Despite Bernstein’s claims, Americans have been forced by inflation to scale back. As a result, some retailers have experienced a decline in overall sales, painting a bleak picture for the economy.
Additionally, a growing number of small businesses are facing possible closures in light of inflation and high fuel costs. Many of those businesses were already struggling to recover from COVID mandates.
A growing number of economists are also warning about a looming recession, including those on the left.
“The dominant probability would be by the end of next year we will be seeing a recession in the American economy,” said Larry Summers, a former Obama administration economic advisors. He referenced “a whole range of indicators” across the US economy. The Fed chair has warned that it may be out of his control.
Still, the Biden administration continues playing down recession concerns. “I’m not concerned about a recession,” Biden said during a press conference in April. He was responding to a reporter’s question about the GDP falling 1.4%.