President Joe Biden Monday published a Wall Street Journal op-ed outlining a plan to both lower costs for American consumers and tackle looming inflation concerns. Citing a multitude of challenges including the ongoing war between Ukraine and Russia and the still recovering supply chain constraints, Biden urged readers to have confidence in the U.S.’s ability to overcome economic challenges.
“I ran for president because I was tired of the so-called trickle-down economy. We now have a chance to build on a historic recovery with an economy that works for working families,” wrote Biden. “The most important thing we can do now to transition from rapid recovery to stable, steady growth is to bring inflation down.
Biden, who also pointed out the administration’s latest initiatives to counter economic challenges, met with Federal Reserve Chairman Jerome Powell yesterday. In anticipation of the May Jobs Report set for release this Friday, Biden also pointed out that growth during this transition period will look different, stating that there will likely be “fewer record job-creation numbers, but this won’t be cause for concern.”
Of note, the Federal Reserve is also set to release its Beige Book report – a Fed publication on current economic conditions across 12 districts – this week. In the last Beige Book report, the Fed revealed that economic activity expanded at a moderate pace since the middle of February; however, consumer spending accelerated in retail and non-financial service firms as COVID-19 cases tapered across the country.
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