November 14, 2021
Economy

US economy in recession and Biden political agenda is in trouble

Hans G. Despain

Unemployment stands at 4.8%, wages are up 5% from last year. American GDP is soaring at 6.7%, its fastest rate in nearly a half-century. Mid-September, President Biden boasted: “Over the last three months, we’ve been creating, on average, 750,000 new jobs per month. Our economy is growing at the fastest rate we’ve seen in nearly 40 years.” 

President Biden acknowledges “for too many (Americans), it’s harder and harder to pay the bills. … We still have a long way to go to get the economy where it needs to be.”  President Biden proposed massive infrastructure spending and the American Families Plan Act to keep the economy soaring.   

The political roadblocks for Biden are massive. 

If economic conditions worsen Democrats likely will lose mid-term congressional seats. New research suggests the U.S. economy is already in recession. David…

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