Obama hails Bidenomics for fueling a jobs boom that's helping American families weather inflation
the Biden administration's economic policies for stoking historic inflation, forcing the Federal Reserve to hike interest rates at a record clip, and paving the way for a painful recession. Yet the jobs created have been a boon to many Americans, former President Barack Obama has argued.
The Biden administration's spending helped push inflation to a 40-year high last year, spurring the Fed to hike interest rates from virtually zero last spring to north of 5% today. Higher rates can curb price growth by encouraging saving over spending and lifting borrowing costs, but they can also slow the economy, raising unemployment and the risk of recession.
"What you were going to end up seeing was the financial system continuing to lock up, and you were going to get into a depression in which the 99% - it was all going to land on their heads," the former president said.
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