The Biden White House is betting the U.S. economy is strong enough to withstand these threats, but there are growing fears of a coming economic slump among voters and some Wall Street analysts. “What we have done over the course of the last 15 months is driven a uniquely strong economic recovery in the United States, which positions us uniquely well to deal with the challenges ahead." One consequence of higher prices is that Americans began to use less oil and gas. A recent Goldman Sachs research note stood out to Biden administration officials because it suggested that job growth and pay increases would cushion the economy from higher commodity prices. But the key message that the White House wants to deliver in response to public fears about the economy is that Biden understands their concerns.

Source: ABC News April 08, 2022 13:10 UTC