{"id":1498367,"date":"2022-05-31T14:00:06","date_gmt":"2022-05-31T18:00:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1498367"},"modified":"2022-05-31T14:00:13","modified_gmt":"2022-05-31T18:00:13","slug":"biden-touts-historic-recovery-as-us-barrels-toward-recession","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-touts-historic-recovery-as-us-barrels-toward-recession\/","title":{"rendered":"Biden Touts \u2018Historic Recovery\u2019 as US Barrels Toward Recession"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-touts-historic-recovery-as-us-barrels-toward-recession%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1498367&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>President Joe Biden in a Monday <em>Wall Street Journal<\/em> op-ed <a href=\"https:\/\/www.wsj.com\/articles\/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654?mod=djemalertNEWS\" target=\"_blank\" rel=\"noopener\">promised<\/a> a &#8220;historic recovery&#8221; from the country&#8217;s economic woes as experts predict that his policies are leading the United States into a recession.<\/p>\n<p>Biden wrote in the op-ed that he will give the Federal Reserve &#8220;primary responsibility to control inflation,&#8221; &#8220;take every practical step to make things more affordable,&#8221; and &#8220;keep reducing the federal deficit.&#8221;<\/p>\n<p>Biden did not mention the gross domestic product&#8217;s 1.5 percent contraction in the first quarter, instead laying the blame for a flailing economy on Russia and the COVID-19 pandemic.<\/p>\n<p>Economic growth under Biden has already slowed more than expected. As\u00a0the Fed raises inflation, economic hardships will likely get worse, American Enterprise Institute economist Desmond Lachman told the <em>Washington Free Beacon<\/em>.<\/p>\n<p>&#8220;The Fed made a policy mistake in 2021,&#8221; Lachman said. &#8220;They kept interest rates too low. They kept buying bonds. They kept the money supply growing. The administration and the Federal Reserve got ourselves into an inflation problem.&#8221;<\/p>\n<p>The Fed in March hiked interest rates by the most in over 20 years. The United States is heading toward a recession, Lachman said, because of such loose policies.<\/p>\n<p>Lachman is not the only economist to blame Biden&#8217;s policies for a looming recession. Many liberal economists, including former Obama advisers <a href=\"https:\/\/freebeacon.com\/policy\/top-obama-economic-adviser-just-took-a-shot-at-biden-on-inflation\/\">Steven Rattner<\/a> and <a href=\"https:\/\/freebeacon.com\/biden-administration\/this-study-shows-how-bidens-stimulus-contributed-to-inflation\/\">Lawrence Summers<\/a>, have argued that Biden&#8217;s American Rescue Plan caused 40-year-high inflation numbers.<\/p>\n<p>Summers <a href=\"https:\/\/fortune.com\/2022\/04\/14\/larry-summers-recession-likely-interest-rates-unemployment\/\" target=\"_blank\" rel=\"noopener\">said<\/a> in April that a recession under Biden is &#8220;the most likely&#8221; scenario. \u00a0An <a href=\"https:\/\/freebeacon.com\/latest-news\/looming-reality-85-percent-of-americans-think-were-headed-for-recession-in-the-next-year\/\">overwhelming majority<\/a> of Americans agree, saying the United States will go into a recession in the next year, the <em>Free Beacon<\/em> reported.<\/p>\n<p>The <em>Journal<\/em> published Biden&#8217;s op-ed on the same day that gas prices hit their <a href=\"https:\/\/freebeacon.com\/biden-administration\/gas-prices-set-fourth-record-high-under-biden\/\">fourth record high<\/a> in just this year alone.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden in a Monday Wall Street Journal op-ed promised a &#8220;historic recovery&#8221; from the country&#8217;s economic woes as experts predict that his policies are leading the United States<\/p>\n","protected":false},"author":835,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1498367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1498367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/835"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1498367"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1498367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1498367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1498367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1498367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}