Post Politics Now: Biden says recession ‘not inevitable,’ acknowledges Americans are ‘really down’

Today, President Biden will head to the beach after having announced a series of climate-related initiatives, including steps to reduce methane emissions from the oil and gas industry, as part of a virtual forum with other nations. On Thursday, he made headlines on the economy in a rare sit-down interview with the Associated Press, insisting that a recession is “not inevitable” but acknowledging that Americans are “really down” after coping with the far-reaching consequences of the coronavirus pandemic and a long stretch of economic uncertainty punctuated by inflation and high gas prices.

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On Capitol Hill, the highlight of the week was another high-profile hearing by the House committee investigating the Jan. 6, 2021, insurrection. The Senate’s week was more notable for what was left unaccomplished than what was: Senators left Washington without finalizing a deal on guns and with a coronavirus funding package in severe peril.

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The latest: Biden economic adviser comments on avoiding recession

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Heather Boushey, a member of the Council of Economic Advisers, which offers policy advice to President Biden, was invited on CNN on Friday to elaborate on Biden’s assertion that a recession is “not inevitable.” She spent a good portion of the segment talking about the roles the Federal Reserve and Congress need to play.

Asked if she was concerned that the Fed’s recent interest rate hike could slow the economy into a recession, Boushey said the agency needs to do its job.

“First of all, the Fed is an independent agency, and as the president has made clear, they need to do their job,” she said. “Their job is price stability and full employment. They have tools at their disposal. They’re going to use them.”

As for Congress, Boushey said, “There are so many things that Congress could be doing right now that the president has asked them to do that could certainly help families.”

Among the examples she cited: legislation to mitigate the price of prescription drugs, energy and child care.

“These all big ticket items that families struggle with day in and day out,” Boushey said, acknowledging some of Biden’s agenda is stalled because of opposition from some Democratic lawmakers.

Boushey said Biden is focused on what he believes is the biggest driver of inflation: supply-chain challenges that emerged during the pandemic.

“The president has been so focused on doing all that he can and this administration can to unsnarl America’s supply chains and make sure that Americans can pay fair prices when they go to the grocery store or they go the gas station,” she said.