White House officials are scrambling to get ahead of potentially brutal economic news, hitting the airwaves, arm-twisting reporters in private and imploring anyone who will listen that the economy is still healthy— despite inflation frustrations
and a big push to salvage the prescription drug prices piece of his Build Back Back Better agenda as ways the administration is moving to lower the burden of inflation.
And Biden will get more sharply critical of GOP plans to make permanent the tax cuts that were passed under President Donald Trump and to weaken regulations. The unemployment rate is near record lows even if the U.S. has two quarters of declining GDP. Job openings are too high and consumer spending remains fairly strong. And the first quarter’s negative numbers were heavily skewed by technical factors on inventories and trade.
The White House is also contending with a Federal Reserve expected to boost interest rates by at least another three-quarters of a point on Wednesday.
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