{"id":1559436,"date":"2022-07-18T12:04:43","date_gmt":"2022-07-18T16:04:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1559436"},"modified":"2022-07-18T12:04:51","modified_gmt":"2022-07-18T16:04:51","slug":"top-biden-adviser-says-americans-seeing-very-strong-economic-conditions-deflects-on-whether-a-recession-is-coming","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-biden-adviser-says-americans-seeing-very-strong-economic-conditions-deflects-on-whether-a-recession-is-coming\/","title":{"rendered":"Top Biden Adviser Says Americans Seeing \u2018Very Strong\u2019 Economic Conditions, Deflects On Whether A Recession Is Coming"},"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\">34<\/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%2Ftop-biden-adviser-says-americans-seeing-very-strong-economic-conditions-deflects-on-whether-a-recession-is-coming%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=1559436&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>Jared Bernstein, a member of <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\">President Joe Biden\u2019s<\/a> Council of Economic Advisers, on Sunday deflected on whether the United States is bound for a <a href=\"http:\/\/dailywire.com\/topic\/recession\">recession<\/a>.<\/p>\n<p>During an interview with <a href=\"https:\/\/www.foxbusiness.com\/politics\/white-house-admits-inflation-is-unacceptably-high-denies-us-recession-biden-pushes-climate-spending\">Fox News<\/a> anchor Shannon Bream, Bernstein was pressed on issues ranging from <a href=\"https:\/\/www.dailywire.com\/news\/inflation-soars-to-new-high-of-9-1\">soaring inflation<\/a> to the Biden administration\u2019s stalled legislative agenda. When asked about the chances of an economic contraction, Bernstein pointed to a strong labor market and high consumer spending.<\/p>\n<p>\u201cIt is very hard to conclude that we are in a recession when you look at the payroll and the job gains that we\u2019ve seen now, it is tricky to look around the corner here, and I\u2019m not going to predict quarters down the road,\u201d he argued. \u201cBut I think right now, you\u2019ve got inflation headwinds big time in this economy \u2014 not taking anything away from that \u2014 but you also have some very strong tailwinds that are boosting consumers.\u201d<\/p>\n<p>Rather than true economic growth, inflationary pressures are likely inducing the <a href=\"https:\/\/www.dailywire.com\/news\/retail-sales-surge-faster-than-expected-as-inflation-rattles-economy\">higher expenditures<\/a> from American households, with many <a href=\"https:\/\/www.dailywire.com\/news\/americans-dip-into-savings-as-inflation-soars\">dipping into savings<\/a> to make ends meet as consumer confidence plummets to its <a href=\"https:\/\/www.dailywire.com\/news\/consumer-sentiment-plummets-to-lowest-level-since-1950s\">lowest level<\/a> in seven decades. Meanwhile, the labor force participation rate \u2014 the percentage of people who either have a job or are actively looking for one \u2014 has not recovered since the recession, likely <a href=\"https:\/\/www.dailywire.com\/news\/americans-continue-to-opt-out-of-the-workforce\">worsening<\/a> inflation.<\/p>\n<p>With respect to recessionary risks, the United States economy <a href=\"https:\/\/www.dailywire.com\/news\/united-states-economy-shrinks-in-the-first-part-of-2022\">shrank<\/a> at a 1.5% annual rate during the first quarter of 2022, according to a report from the U.S. <a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2022-05\/gdp1q22_2nd.pdf\">Bureau of Economic Analysis<\/a>. Although data for the second quarter has not yet been released, the <a href=\"https:\/\/www.atlantafed.org\/cqer\/research\/gdpnow\">Federal Reserve Bank of Atlanta<\/a> is forecasting that the economy <a href=\"https:\/\/www.dailywire.com\/news\/we-may-already-be-in-a-recession-key-fed-tracker-shows\">continued<\/a> to contract at a 1.5% pace. A recession is defined by two consecutive quarters of negative growth.<\/p>\n<p>Last month, President Biden likewise <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-recession-not-inevitable-tells-americans-they-shouldnt-believe-economist-warnings\">claimed<\/a> during an interview that a recession is \u201cnot inevitable\u201d and said Americans \u201cshouldn\u2019t believe\u201d economists\u2019 warnings.<\/p>\n<p>Sen. Joe Manchin (D-WV) provoked frustration last week from Democratic leadership after he \u201cunequivocally\u201d <a href=\"https:\/\/www.dailywire.com\/news\/democrat-senator-throws-another-wrench-into-bidens-agenda-biden-is-not-pleased\">refused<\/a> to support any new provisions related to climate change and tax increases. Bernstein added that Biden is willing to \u201ctake the executive order and rule change path\u201d in order to advance his agenda if there is \u201cno legislative path forward.\u201d<\/p>\n<p>\u201cThis president has tackled aggressively climate change measures already,\u201d Bernstein said. \u201cHe has set the most rigorous emissions standards yet to be set in this country, and he has helped to jumpstart the offshore wind industry. Now, those are all measures that he took by the power of the pen through executive action and rule changes. And he will continue to do that.\u201d<\/p>\n<p>Energy costs have driven high inflation, with prices at the pump reaching <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">$5.00 per gallon<\/a> in early June before falling to a national average price of $4.52 as of Monday, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>. While Biden has prioritized green energy measures such as <a href=\"https:\/\/www.dailywire.com\/news\/white-house-slammed-over-comments-on-electric-cars-fairy-dust-and-unicorns\">electric vehicles<\/a>, he has also drawn criticism for considering a <a href=\"https:\/\/www.dailywire.com\/news\/white-house-suggests-breaching-dams-to-save-endangered-salmon-even-though-it-would-worsen-energy-and-supply-chain-issues\">breach<\/a> of four key dams in the Pacific Northwest to preserve salmon populations.<\/p>\n<p>In response to recent <a href=\"https:\/\/www.dailywire.com\/news\/biden-slammed-for-remarks-on-enormously-high-gas-prices-theyre-saying-the-quiet-part-out-loud-now\">questions<\/a> about \u201cenormously high gas prices,\u201d Biden argued that the phenomenon will cause a faster transition to green energy. \u201cWhen it comes to the gas prices, we\u2019re going through an incredible transition that is taking place that, God willing, when it\u2019s over, we\u2019ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,\u201d he commented.<\/p>\n<p>Biden recently drew criticism for <a href=\"https:\/\/www.dailywire.com\/news\/adam-schiff-rips-biden-for-fist-bumping-saudi-crown-prince\">traveling<\/a> to Saudi Arabia \u2014 an Islamic nation he once promised to make a \u201cpariah\u201d in the global community due to its human rights abuses \u2014 to urge an increase in oil production.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jared Bernstein, a member of President Joe Biden\u2019s Council of Economic Advisers, on Sunday deflected on whether the United States is bound for a recession. During an interview with Fox News anchor Shannon Bream, Bernstein was pressed on issues ranging from soaring inflation to the Biden administration\u2019s stalled legislative agenda. When asked about the chances &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1574241,"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-1559436","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\/1559436","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1559436"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1559436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1574241"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1559436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1559436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1559436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}