Biden adviser pushes back against dismal predictions on economy

A top White House adviser on Sunday pushed back against dismal predictions on the economy, arguing strong job growth was a healthy sign the U.S. economy will recover.

Gene Sperling told “Fox News Sunday” guest host John Roberts that a low unemployment figure and
people re-entering the workforce were indicators the economy will experience a healthy recovery.

“People’s general financial positions [are] relatively strong. That should give us a lot of confidence that we can make this transition,” Sperling said. “Those are the type of things that lead to more stable, balanced growth.”

Last week, JPMorgan Chase CEO Jamie Dimon predicted there was an economic “hurricane” looming as Americans continue to struggle with record high gas prices and inflation.

The administration released job figures last week showing a slight slowdown in employment growth for May, while unemployment dropped to 3.5 percent. The figures show the economy is slowing but still strong in some aspects, a point that Sperling seized on in his interview with Fox News on Sunday.

“The fact that Americans are still coming back to work, I think should give us a bit more confidence that we are in a position to make this transition,” Sperling added.

Still, the White House adviser struggled to provide an answer on when gas prices might come down. Gas prices are soaring as high as $6 per gallon in some states.

Sperling blamed Russia’s war in Ukraine for the spike. He explained he was “not in the forecasting business” to predict when prices at the pump might ease for Americans, but expressed confidence that inflation would ease at some point this year.

“The president’s being straight with the American public, we’re dealing with almost unprecedented foreign policy aggression that is roiling international gas prices, and he wants to be straight there is no silver bullet to dealing with those international challenges,” Sperling said.