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The US economy is in a “transitional phase,” says the White House economic adviser

Persistent inflation — the highest America has seen since the 1980s — has not only hit many American consumers hard, but has also dampened the political fortunes of President Joe Biden, who some have portrayed as lackluster on economic issues. A CBS News poll was released on Sundayin which 69 percent of respondents thought the economy was “fairly bad” or “very bad,” Biden’s disapproval rate was 56 percent.

Deese also outlined some of the steps in the White House playbook to fight inflation.

“We must give the Federal Reserve the independence to do what it does. It has the tools to fight inflation,” he said.

“Secondly, during this time we need to cut costs and make things more affordable for families. Steps we can take to reduce the cost of the internet bills families pay or the prescription drug prices they pay are really important now.”

Another part of the plan is working to reduce the federal deficit, he said.

“If we can do all of these things, we can build on the historical strengths that we have here in the US economy and we can navigate to more stable growth that will produce better outcomes for families,” he said.

The US economy is in a “transitional phase,” says the White House economic adviser

Source link The US economy is in a “transitional phase,” says the White House economic adviser

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