Biden Avoids Recession
Here’s what we know…
For months now economists have been warning about a recession hitting the United States. However now, President Biden’s Treasury Secretary Janet Yellen is saying that there may be a way for Democrats to avoid causing a recession due to lowering inflation, good new job growth and low unemployment rates.
According to Fox, Yellen explained, “You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years. What I see is a path in which inflation is declining significantly, and the economy is remaining strong.”
Yellen’s comments came after shortly after the Labor Department found that the U.S. economy unexpectedly added more than 500,000 new jobs in January. Economists predicted that only 185,000 would be added.
Additionally, lucky for Biden the unemployment rate dropped to 3.4% which is the lowest lever since 1969.
Yellen later explained, “What I see is a path in which inflation is declining significantly, and the economy is remaining strong. And really that’s a path I believe is possible, and it’s what I’m hoping we will be able to achieve.”
It is unclear if the United States will fall into a recession and the Biden Administration has been wrong a number of times in the past so only time will tell what will really happen.
