WASHINGTON — Despite the ongoing turbulence caused by the coronavirus pandemic and the shock of war in Eastern Europe, the American economy is in sound health, top Biden administration economist Jared Bernstein asserted in an end-of-year interview with Yahoo News.
have led to the by-now-familiar exchange of of I-told-you-so recriminations and nothing-to-see-here reassurances in Washington, where every new shred of economic news is often regarded as a referendum on the White House.at the Manhattan School of Music before eventually exchanges notes for numbers.
In these queasy moments of the initial descent from the pandemic, every new development is subject to anxious scrutiny. Among the most scrutinized is the number of jobs the economy adds per month. There is well-founded concern that Powell will look at , a necessary corrective that will see hiring and economic growth lose ground — without plummeting. Even so, he does not believe the slowdown will resemble the kind of recession that followed the mortgage crisis of 2007.In the broadest sense, the Biden administration is asking Americans to accept a 2023 that may feel tougher than it should as the price of foundational stability.
Just how much patience Americans are willing to show in 2023 is a question that could be answered with the presidential election in 2024, a fact of which the White House is well aware. For three years, people have been battered by lockdowns, shortages of goods and other disruptions. Relief packages have come and gone. Gas prices spiked but are now falling. Supply chains convulsed, but the kinks eventually resolved.
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