Biden bets strong job market will shield economy from slump

Joe Biden
Posted at 3:11 PM, Apr 07, 2022
and last updated 2022-04-07 15:11:10-04

WASHINGTON (AP) — The Biden White House is betting the U.S. economy is strong enough to withstand the threats to growth posed by inflation and the war in Ukraine.

But there are growing fears of a coming economic slump among voters and some Wall Street analysts.

White House officials say the next few months will test whether President Joe Biden built a durable recovery full of jobs with last year’s $1.9 trillion relief package.

But economists such as Larry Summers and Joe LaVorgna warn that the policies needed to reduce inflation could risk a recession.