White House hopes rise that a strong economy will sell itself
After a year of recession doomsaying, a recent run of unexpectedly solid economic data is boosting the Biden administration as it ramps up promoting its record.
After a year of recession doomsaying, an unexpectedly resilient economy is boosting the White House as it ramps up selling its record to Americans who’ve just started shaking off their “vibecession.”
At the same time, senior administration officials say they’re increasingly confident the situation on the ground can largely speak for itself. The economy grew at a strong 3.1% pace between the fourth quarter of 2022 and the same period last year, every inflation measure is cooling, the job market remains strong and the stock market has hit record highs.
“Extraordinary” is how Lael Brainard, director of the National Economic Council, described the economy to reporters at the White House on Friday.
Lael Brainard, director of the National Economic Council, at a Jan. 11 White House briefing.Evan Vucci / AP“We looked historically — we’ve never had a year where inflation has declined this fast while the economy has grown above trend and unemployment has remained stable at a low rate,” she said.
Jared Bernstein, chair of the White House Council of Economic Advisers, said in an interview Friday that the economy is “a growth machine that keeps on delivering,” fueled by a tight labor market, robust consumer spending and rising real wages.
Rating: 5