June 22, 2024

Biden’s Policies Haven’t Given Security to Average American

On Friday’s spread of the Fox News Channel’s” America Reports”, scholar, President of Queens ‘ College, Allianz Chief Economic Adviser, and former Obama Global Development Council Chair Dr. Mohamed El- Erian stated that while President Joe Biden’s economic policies have worked in terms of the work business,” Where they’re not working is in giving the average American security”.

Co-host Sandra Smith posed the following question: [ Related exchange begins at 2:40]” I hear you talking about the headwinds in the economy and how this is n’t really felt by everyday Americans, this benefits mostly the wealthy, the very people this administration claims they’re out to help are n’t really benefiting from that stock market run. But, did you say this President’s economic policies are working”?

El- Erian answered,” Thus, where they’re working is in the employment market, where we’ve had 28 weeks of unemployment below 4 %. That is an amazing record. Where they’re not working is in giving the regular American protection. And the studies demonstrate that really clearly. They are worried about costs, they’re woɾried about potential wages. Their epidemic benefits have now turned unfavorable, and quite a few of the –” parts have their credit cards maxed up.

Smith then approached aȵd said,” Do you fear this is the kind of the second shoe to lose? The use of credit cards is increasing. Although, we have n’t seen a significant change in the delinquency rates, is there a change?

El- Erian split in to state,” We’re starting to see it. What worries me is that I do n’t have spare tires on my car. So, if we hit a bump in the employment market, which I hope we do n’t, but, if, for some reason, firms started laying off a lot more people, therefore we no longer have the spare tire of saving, low- income communities have used up their pandemic savings and most of them have maxed out their credit cards”.

He added,” I am worried that the economy’s going to start slowing much faster than most people think”.

Follow Ian Hanchett on Twitter @IanHanchett


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