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US Vice President Kamala Harris hailed the latest jobs report and praised ‘Bidenomics’ at an event in Washington, D.C. https://reut.rs/47wSDr1
7:10 PM · Aug 4, 2023. //
The Federal Reserve has raised interest rates in a constant effort to combat inflation. Typically, when you start raising interest rates at that pace, it leads to a recession. I say "typically" because it hasn't happened yet, and many economists assumed the Fed had pulled off the soft landing. However, the sudden contraction in the jobs market has brought those worries back to the fore, and people are panicking.
If the Biden-Harris administration was taking credit for the economy a year ago, then it should be made to take credit for it now. In truth, Biden's policies did create the sharp rise in inflation that we as consumers are still dealing with. In truth, that rise in inflation led the Fed to start hiking rates, which forced the economy to begin to contract. In truth, this has led us to where we are today.