In a recent interview, the senior economic adviser to President Joe Biden, Brian Deese, downplayed the likelihood of the United States entering a recession and encouraged optimism among citizens during what he referred to as a “period of transition” of the COVID-19 recovery.
During an appearance on Fox News Sunday, Deese said that we’re going from the most significant economic recovery in modern history to what can be a time of more steady and resilient development.
Deese said that Americans who are hit with higher costs — whether at the pump, the grocery store, or elsewhere — should “take confidence that the U.S. is better positioned than any other country to navigate through this and keep our recovery going.
This pronouncement was made even though talk of a recession has gained traction in the past few weeks.
The persistently high rate of inflation, which is the highest it has been in the United States since the 1980s, has not only had a significant negative impact on the purchasing power of a large number of American consumers but has also hampered the political prospects of President Joe Biden, who is seen by some as being economically insensitive.
A poll conducted and distributed by CBS News on Sunday found that 56 percent of respondents disapproved of President Joe Biden’s job performance, and 69 percent of respondents believed the economy was either “pretty poor” or “extremely bad.”
Deese also provided an overview of some of the White House’s strategies to implement to combat inflation.
He said the system we need to provide the Federal Reserve the autonomy it needs to carry out its responsibilities. It is equipped to fight inflation.
Deese said that we need to find ways to lower expenses and make necessities at this time more accessible for families. He said we must take whatever steps we can to reduce the rates families have to pay for prescription drugs and the monthly internet fees they have to pay.
According to Deese, another part of the strategy is to make an effort to reduce the size of the national deficit.
He stated that if we can do all of those things, we can build on the historic strengths we have here in the U.S. economy and navigate through to more stable growth. That will generate better outcomes for families.
According to the latest polls, people feel that the “period of transition” is moving in the wrong direction.