Less than 24-hours after President Joe Biden hosted a celebration of inflation on the South Lawn of the White House Tuesday afternoon, top Obama economist Steve Rattner is warning things are going to get much worse for American families.
"[What] yesterday's numbers did was increased the probability of a hard landing," Rattner said during an interview with MSNBC.
Former Obama economist Steve Rattner sounds the alarm: Even more economic pain is ahead if prices are going to come down pic.twitter.com/PNlIt1KvZW
— RNC Research (@RNCResearch) September 14, 2022
The U.S. entered a recession in July after two consecutive quarters of negative GDP growth. The White House and Democrats continue to claim the U.S. in not "actually" in a recession, much like they claimed inflation didn't initially exist before becoming a "manageable" or "transitory" problem.
"Manageable"
— Townhall.com (@townhallcom) September 14, 2022
"Temporary"
"Transitory"
"Not long lasting"
"Putin's fault"
"Zero percent inflation"
The Biden administration has failed at every turn to address crippling inflation that is devastating American families. pic.twitter.com/eu1hUQXqkL
Because inflation is still raging out of control with no end in sight, the Federal Reserve will continue to be aggressive on interest rate increases. The housing market is already bearing the brunt as mortgages continues to get more expensive.
Homebuyers' demand for mortgages fell 29% from last year, as interest rates surged past 6% https://t.co/HdPnOwkLFn
— CNBC (@CNBC) September 14, 2022
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