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US economy is in a ‘period of transition’, White House economic adviser says

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Ongoing inflation – the highest America has seen since the 1980s – has not only hit many American consumers hard, but has also put a damper on the political fortunes of President Joe Biden, who some have described as deaf to economic issues. A CBS News poll released Sunday, in which 69% of respondents thought the economy was either “fairly bad” or “very bad,” put Biden’s disapproval rating at 56%.

Deese also outlined some of the steps in the White House manual for fighting inflation.

“We have to give the Federal Reserve the independence to do what it does. It has the tools to fight inflation,” he said.

“Second, we need to cut costs and make things more affordable for families during this time. The steps we can take to reduce the cost of the internet bills families pay or the prescription drug prices they pay are really important right now.

Another part of the plan aims to reduce the federal deficit, he said.

“If we can do all of these things, then we can build on the historical strengths we have here in the American economy and we can navigate to more stable growth that will generate better outcomes for families,” he said. he declares.

Politico

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