A top economist in the Biden administration says he can’t rule out the possibility of a recession in America’s near future, but he adds that the country is in an economic “position of strength.”
The United States is experiencing a 40-year high rate of inflation coupled with a GDP that shrank 1.4 percent in the first quarter. And some economists have predicted a national recession possibly next year.
But the administration continues to tout rebounds in job growth, unemployment, and reduced deficit spending that have all taken place under President Joe Biden.
In an interview with CNN Thursday, Jared Bernstein, a member of President Joe Biden’s Council of Economic Advisers, defended the administration’s efforts on the economy in the face of CNN polling that shows most Americans think Biden’s policies have hurt the economy.
…