Biden-advisor pushes back against gloomy predictions about finances

A top White House adviser on Sunday pushed back against gloomy predictions about the economy, arguing that strong job growth was a healthy sign that the U.S. economy will recover.

Gene Sperling told “Fox News Sunday” host John Roberts that a low unemployment rate and
people re-entering the workforce were indicators that the economy will experience a healthy recovery.

“People’s general economic situation [are] relatively strong. It should give us a lot of confidence that we can handle this transition, ”said Sperling. “That’s the kind of thing that leads to more stable, balanced growth.”

Last week, Jamie Dimon, CEO of JPMorgan Chase, predicted that there was an economic “hurricane” threatening as Americans continued to struggle with record high gas prices and inflation.

The administration released job figures last week showing a slight slowdown in employment growth for May, while unemployment fell to 3.5 per cent. The figures show that the economy is declining, but still strong in some aspects, a point that Sperling grabbed in his interview with Fox News on Sunday.

“The fact that Americans are still returning to work, I think should give us a little more confidence that we are capable of making this transition,” Sperling added.

Still, the White House adviser struggled to provide an answer to when gas prices could fall. Gas prices are rising as high as $ 6 per barrel. gallon in some states.

Sperling blamed Russia’s war on Ukraine for the increase. He explained that he was “not in the forecasting industry” to predict when prices at the pump would ease for Americans, but expressed confidence that inflation would slow at some point this year.

“The president is directly facing the American public, we are dealing with almost unprecedented foreign policy aggression raging international gas prices, and he wants to be straightforward, there is no silver bullet to deal with these international challenges,” Sperling said.

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