President Joe Biden claims the latest proposed reconciliation package will bring down rampant inflation. During a press conference at the White House Thursday, he asserted the bill will lower the cost of living for Americans and even cut the federal deficit.
President Joe Biden considers forgiving up to $10,000 of student loan debt as a ploy to appeal to young voters. The pandemic pause on student loan repayments will expire August 31 as the President attempts to extend the freeze until the end of 2022 or by next summer.
The Biden administration is downplaying concerns of a recession ahead of this week’s GDP numbers that are expected to show an economic downturn. In a statement Monday, the White House questioned how economists determine a recession while alleging the US economy is “transitioning” from ‘”fast growth” to steady and slow growth.
A rising number of economists believe the US and Western Europe will not be able to avoid an economic downturn. According to reports Wednesday, America is experiencing a decline in real disposable incomes, industrial production and real sales while real monthly GDP is also down.
Treasury Secretary Janet Yellen weighed-in on the latest inflation numbers while Republicans continue to blast the Biden administration over the rising costs of goods. While speaking out on the efforts by Biden officials to improve the economy, she pointed out that inflation is unacceptably high