{"id":1507651,"date":"2022-06-08T12:04:40","date_gmt":"2022-06-08T16:04:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1507651"},"modified":"2022-06-08T12:04:42","modified_gmt":"2022-06-08T16:04:42","slug":"biden-press-secretary-the-economy-is-in-a-better-place-than-it-has-been-historically","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-press-secretary-the-economy-is-in-a-better-place-than-it-has-been-historically\/","title":{"rendered":"Biden Press Secretary: \u2018The Economy Is In A Better Place Than It Has Been Historically\u2019"},"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\">30<\/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-press-secretary-the-economy-is-in-a-better-place-than-it-has-been-historically%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=1507651&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--><p>White House Press Secretary <a href=\"https:\/\/www.dailywire.com\/topic\/karine-jean-pierre\">Karine Jean-Pierre<\/a> insisted during a Tuesday briefing that the United States <a href=\"https:\/\/www.dailywire.com\/topic\/economy\">economy<\/a> is \u201cin a better place than it has been historically.\u201d<\/p>\n<p>Fox News correspondent Peter Doocy pressured Jean-Pierre on a <a href=\"https:\/\/www.dailywire.com\/news\/poll-finds-more-americans-are-pessimistic-about-their-standard-of-living\">recent poll<\/a> from The Wall Street Journal, which shows that 83% of Americans believe the economy is \u201cpoor or not so good.\u201d In response, Jean-Pierre <a href=\"https:\/\/www.dailywire.com\/news\/watch-karine-jean-pierre-fumbles-in-jumbled-comments-on-inflation\">doubled down<\/a> on the narrative that the economy has improved since President Joe Biden assumed office.<\/p>\n<p>\u201cWhat I\u2019m trying to say to you is that the economy is in a better place than it has been historically,\u201d Jean-Pierre said. \u201cAnd so, we feel, here at this administration and other experts as well\u2026 we feel that we are in a good position to take on inflation. We are in a good position to really start really working on lowering prices.\u201d<\/p>\n<p dir=\"ltr\" lang=\"en\">Press Sec. Jean-Pierre: \u201cWhat we\u2019re trying to say is that the economy is in a better place than it has been historically.\u201d<a href=\"https:\/\/t.co\/VI3vmVoYyi\">pic.twitter.com\/VI3vmVoYyi<\/a><\/p>\n<p>\u2014 Daily Wire (@realDailyWire) <a href=\"https:\/\/twitter.com\/realDailyWire\/status\/1534274565471457288?ref_src=twsrc%5Etfw\">June 7, 2022<\/a><\/p>\n<p>However, the United States economy contracted at a 1.5% annualized rate during the first quarter of 2022, according to the <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2022-05\/gdp1q22_2nd.pdf\">Bureau of Economic Analysis<\/a>, which associates recessions with <a href=\"https:\/\/www.bea.gov\/help\/glossary?title_1=All&#038;title=&#038;page=6#:~:text=The%20NBER%20recession%20is%20a,well%20as%20quarterly%20GDP%20growth.\">two consecutive quarters<\/a> of negative growth. Meanwhile, gas prices have <a href=\"https:\/\/www.dailywire.com\/news\/the-cost-of-gas-has-more-than-doubled-since-the-day-biden-took-office\">more than doubled<\/a> since President Biden entered office, while inflation surged from 1.4% to 8.3% \u2014 a near four-decade high.<\/p>\n<p>Several prominent American business leaders are now voicing their concerns about a looming recession, and many technology companies \u2014 including Microsoft and Tesla \u2014 have initiated <a href=\"https:\/\/www.dailywire.com\/news\/recession-fears-lead-big-tech-companies-to-pause-hiring-cut-jobs\">pauses on hiring or announced layoffs<\/a>.<\/p>\n<p>Despite Jean-Pierre\u2019s assertion that many experts are optimistic, several Democratic economists have pushed back against Biden\u2019s handling of economic policy.<\/p>\n<p>\u201cCorporate power is playing likely a very small role in the inflation that we\u2019re seeing right now,\u201d Jason Furman, a Harvard professor and former chair of President Barack Obama\u2019s Council of Economic Advisers, <a href=\"https:\/\/www.dailywire.com\/news\/even-obamas-former-economic-advisor-recognizes-corporate-greed-isnt-to-blame-for-high-inflation\">told<\/a> Bloomberg last month. The economist was in essence rebuking Democratic claims that inflation is coming from greedy corporations <a href=\"https:\/\/www.dailywire.com\/news\/former-obama-chief-economist-democratic-backed-anti-price-gouging-bills-wont-fix-inflation-would-likely-make-shortages-worse\">price-gouging<\/a> consumers.<\/p>\n<p>Furman contended that the \u201cprimary solution has to come from the primary cause of inflation, which is demand is way too high\u201d \u2014 a reality driven by fiscal stimulus from the Biden administration and monetary stimulus from the Federal Reserve.<\/p>\n<p>Even at the end of last year, Larry Summers \u2014 who served as Treasury Secretary under former President Bill Clinton and director of the National Economic Council under former President Barack Obama \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/top-obama-economic-adviser-fears-recession-says-federal-reserve-was-too-late-on-addressing-inflation\">sounded the alarm<\/a> over soaring inflation.<\/p>\n<p>\u201cIf I thought we could sustainably run the economy in a red-hot way, that would be a wonderful thing, but the consequence \u2014 and this is the excruciating lesson we learned in the 1970s \u2014 of an overheating economy is not merely elevated inflation, but constantly rising inflation,\u201d Summers said. \u201cThat\u2019s why my fear is that we are already reaching a point where it will be challenging to reduce inflation without giving rise to recession.\u201d<\/p>\n<p>Summers voiced concern over \u201csecular stagnation\u201d as a long-term threat to the United States.<\/p>\n<p>\u201cI\u2019m really not sure what\u2019s going to come after this current episode,\u201d he said. \u201cI\u2019m certainly not confident that we\u2019re going to have sustained excess demand for many years. The challenge is that we\u2019ve pumped up aggregate demand now, and then who knows how we\u2019re going to work our way through back to more levels of demand.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>White House Press Secretary Karine Jean-Pierre insisted during a Tuesday briefing that the United States economy is \u201cin a better place than it has been historically.\u201d Fox News correspondent Peter Doocy pressured Jean-Pierre on a recent poll from The Wall Street Journal, which shows that 83% of Americans believe the economy is \u201cpoor or not &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1493797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1507651","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\/1507651","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1507651"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1507651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1493797"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1507651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1507651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1507651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}