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The White House has stated that thanks to Biden's bold economic policies, there are no plans to prepare for an economic recession because there isn't going to be one.
Appearing on MSNBC on Thursday morning, White House Press Secretary Karine Jean-Pierre made these claims when asked about fears of a possible recession following news that the federal reserve has raised interest rates again.
"We are not, there are no meetings or anything like that happening in preparing for a recession because, and I'll say this very clearly, and we have said this, our economic team has said this, Secretary Yellen has said this, you heard this from the president."
She goes on to praise Biden's economic policies. "We are heading into a transition from a stable and steady growth without, without losing any of the gains that we have made. And that's because of the economic policy."
Despite these assurances from Jean-Pierre, it is still feared that the Federal Reserve will go too far in trying to slow down the economy and ultimately bring in a recession.
The last year has seen inflation skyrocket and the cost of living for the average American family increase significantly. The government passed the Inflation Reduction Act in August, despite not even being sure exactly how it was going to work.
The Federal reserve has indicated that its fight against inflation is far from over, and suggested that interest rates might need to ultimately go even higher if they are to fight what is the worst inflation the country has seen in decades. It remains to be seen whether the government can maintain this balancing act, given the number of average Americans who are struggling to get by.
Appearing on MSNBC on Thursday morning, White House Press Secretary Karine Jean-Pierre made these claims when asked about fears of a possible recession following news that the federal reserve has raised interest rates again.
"We are not, there are no meetings or anything like that happening in preparing for a recession because, and I'll say this very clearly, and we have said this, our economic team has said this, Secretary Yellen has said this, you heard this from the president."
She goes on to praise Biden's economic policies. "We are heading into a transition from a stable and steady growth without, without losing any of the gains that we have made. And that's because of the economic policy."
Despite these assurances from Jean-Pierre, it is still feared that the Federal Reserve will go too far in trying to slow down the economy and ultimately bring in a recession.
The last year has seen inflation skyrocket and the cost of living for the average American family increase significantly. The government passed the Inflation Reduction Act in August, despite not even being sure exactly how it was going to work.
The Federal reserve has indicated that its fight against inflation is far from over, and suggested that interest rates might need to ultimately go even higher if they are to fight what is the worst inflation the country has seen in decades. It remains to be seen whether the government can maintain this balancing act, given the number of average Americans who are struggling to get by.
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