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Tipsheet

Top Obama Economist Warns Financial Pain Under Biden Will Get Far Worse

(AP Photo/Susan Walsh)

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. 

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"[What] yesterday's numbers did was increased the probability of a hard landing," Rattner said during an interview with MSNBC.

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.

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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. 

 

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