Biden bets strong job market will shield economy from slump – By Josh Boak (AP News) / April 8, 2022
WASHINGTON (AP) — The U.S. economy faces plenty of threats: War in Ukraine, high grocery bills, spiking gasoline prices, splintered supply chains, the lingering pandemic and rising interest rates that slow growth.
The Biden White House is betting the U.S. economy is strong enough to withstand these threats, but there are growing fears of a coming economic slump among voters and some Wall Street analysts.
The next few months will test whether President Joe Biden built a durable recovery full of jobs with last year’s $1.9 trillion relief package, or an economy overfed by government aid that could tip into a downturn. On the line for Democrats ahead of the midterm elections is whether voters see firsthand in their lives that inflation can be tamed and the economy can manage to run hot without overheating.
Brian Deese, director of the White House National Economic Council, told reporters this week that the 3.6% unemployment rate and last year’s robust growth puts the U.S. in a safe place compared to the rest of the world.
