The White House says the economy remains on a path toward steady and stable growth despite massive tech layoffs that have been announced in recent weeks.
Tech companies, including Spotify, Google parent Alphabet, Amazon, and Salesforce have all announced thousands of layoffs, retail sales have dropped off for the last two months, and inflation remains more than three times the Federal Reserve's 2% target.Despite those facts, the overall picture remains strong, according to press secretary Karine Jean-Pierre.
"We are still seeing the transition to stable and steady growth," Jean-Pierre said."Yes, there are layoffs that you're asking me about, and we've previously said on the broader economy that layoffs remain near record lows." Jean-Pierre pointed to legislation passed in the last Congress, including the $1.2 trillion Infrastructure Investment and Jobs Act and the $1.9 trillion, Democrats-only American Rescue Plan that Republicans have blamed for inflation, as ways the Biden administration is boosting the economy.But nearly half of the public thinks the economy is already in a recession, so the White House has its work cut out for it to keep the mood optimistic.
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