Top Biden Adviser Says Americans Seeing ‘Very Strong’ Economic Conditions, Deflects On Whether A Recession Is Coming | Eastern North Carolina Now | Jared Bernstein, a member of President Joe Biden’s Council of Economic Advisers, on Sunday deflected on whether the United States is bound for a recession.

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Jared Bernstein, a member of President Joe Biden's Council of Economic Advisers, on Sunday deflected on whether the United States is bound for a recession.

    During an interview with Fox News anchor Shannon Bream, Bernstein was pressed on issues ranging from soaring inflation to the Biden administration's stalled legislative agenda. When asked about the chances of an economic contraction, Bernstein pointed to a strong labor market and high consumer spending.

    "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," he argued. "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."

    Rather than true economic growth, inflationary pressures are likely inducing the higher expenditures from American households, with many dipping into savings to make ends meet as consumer confidence plummets to its lowest level in seven decades. Meanwhile, the labor force participation rate - the percentage of people who either have a job or are actively looking for one - has not recovered since the recession, likely worsening inflation.

    With respect to recessionary risks, the United States economy shrank at a 1.5% annual rate during the first quarter of 2022, according to a report from the U.S. Bureau of Economic Analysis. Although data for the second quarter has not yet been released, the Federal Reserve Bank of Atlanta is forecasting that the economy continued to contract at a 1.5% pace. A recession is defined by two consecutive quarters of negative growth.

    Last month, President Biden likewise claimed during an interview that a recession is "not inevitable" and said Americans "shouldn't believe" economists' warnings.

    Sen. Joe Manchin (D-WV) provoked frustration last week from Democratic leadership after he "unequivocally" refused to support any new provisions related to climate change and tax increases. Bernstein added that Biden is willing to "take the executive order and rule change path" in order to advance his agenda if there is "no legislative path forward."

    "This president has tackled aggressively climate change measures already," Bernstein said. "He has set the most rigorous emissions standards yet to be set in this country, and he has helped to jumpstart the offshore wind industry. Now, those are all measures that he took by the power of the pen through executive action and rule changes. And he will continue to do that."

    Energy costs have driven high inflation, with prices at the pump reaching $5.00 per gallon in early June before falling to a national average price of $4.52 as of Monday, according to AAA. While Biden has prioritized green energy measures such as electric vehicles, he has also drawn criticism for considering a breach of four key dams in the Pacific Northwest to preserve salmon populations.

    In response to recent questions about "enormously high gas prices," Biden argued that the phenomenon will cause a faster transition to green energy. "When it comes to the gas prices, we're going through an incredible transition that is taking place that, God willing, when it's over, we'll be stronger and the world will be stronger and less reliant on fossil fuels when this is over," he commented.

    Biden recently drew criticism for traveling to Saudi Arabia - an Islamic nation he once promised to make a "pariah" in the global community due to its human rights abuses - to urge an increase in oil production.

poll#154
Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan yet to be revealed to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
331 total vote(s)     What's your Opinion?

Go Back

HbAD0

Latest Op-Ed & Politics

The conservative Judicial Crisis Network (JCN) has released a new ad targeting Attorney General Merrick Garland as part of a massive $10 million campaign on “how Democrats are endangering the lives of Supreme Court justices.”
On-air personalities on MSNBC warned on Monday that Democrats need to quickly move away from the far-left-wing of the party they have embraced; otherwise, they will get blown off the map in 2024 if Donald Trump does not run again.
The trouble with socialism is that you eventually run out of other people's money
Country star Naomi Judd reportedly left full control of her estate and fortune, believed to be worth $25 million, to her husband Larry Strickland, earmarking nothing for her two daughters Ashley and Wynonna Judd.
The Carolina Journal makes a wide sweeping evaluation of the news that most effects us here in North Carolina, and is distilled, here on BCN, for your clear understanding by the electronic means of video broadcast.
President Joe Biden’s White House continues to distance itself from the Department of Justice’s raid on former President Donald Trump.

HbAD1

The upcoming general election (November, 2022): What is occurring on the national stage is effecting Beaufort County, and more than you realize.
White House Press Secretary Jen Psaki faced backlash on Monday afternoon after saying that the Biden administration welcomed “stiff competition” from communist China in response to a question about China obtaining advanced nuclear-capable weapons systems.
This week, Courtney Lindeen presented her husband Aaron with a bold and innovative plan to solve the family's consumer debt burden.
Bidenflation is hitting Americans across the board, according to a new study.
Former President Donald Trump responded to U.S. Attorney General Merrick Garland’s press conference Thursday afternoon by saying that the FBI raid on his property in Florida was not needed because his legal team had been cooperating with the Justice Department.
There has been little examination of the extent of the impacts of “environmentally friendly” offshore wind development on affected marine ecologies, habitats, fisheries, and wildlife

HbAD2

Legendary running back Herschel Walker, who is running as a Republican for the U.S. Senate seat in Georgia, denounced recent comments from former President Donald Trump after he said that Republicans would not vote in the next two elections if “we don’t solve the Presidential Election Fraud of 2020.

HbAD3

 
Back to Top