Monday, May 23, 2022
Whistling
A White House economic adviser is whistling in the dark over recession fears. He says the economy is in a period of transition and will come out stronger than before. For President Biden's sake, he had better be right. There are accusations already that Biden is tone deaf on economic issues and doesn't understand the public's concern about inflation. The president seems resigned to letting the Federal Reserve raise interest rates to break the back of rising prices. Higher rates could pitch the economy into a downturn easily. The adviser's optimism could become yet another PR gaffe for the administration. It could solidify public opinion that the White House is aloof and out of touch. It would be better if the administration were cautious in its statements.
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